Litecoin price prediction: LTC to retest $225 support
Summary of the situation
Litecoin price to drop to $200
The closest support is at $225 and even lower at $200.
LTC is facing resistance at $260.
After the Litecoin price finally crossed $320, it failed to continue its upward trend and fell just below $260. Although the price remains just below $260 at the time of writing, the volatility of the Litecoin price is low and there is still downward pressure; therefore, the price could drop even lower in the near future.
The broader crypto-currency market has seen bearish sentiment over the past 24 hours, with most major crypto-currencies posting losses during this period. Among the major currencies that suffered losses were XRP Ripple and BNB, which recorded declines of -21.42% and -13.52%, respectively. Meanwhile, Bitcoin and Ethereum posted declines of -10.20% and -11.40% respectively.
Technical indicators for LTC/USDT
Of all the technical indicators, the MACD is showing increasing bearish momentum, as evidenced by the increasing size of the dark red histogram. Since yesterday, the indicator has been showing bearish movement and has dropped below $4.00. The 12-day EMA is trading below the 26-day EMA and continues to diverge as both EMAs fall.
The RSI is currently trading in the neutral zone just below the 40.00 level and has been in the neutral zone since yesterday, indicating strong bearish momentum. The RSI has recently made a small upward move into oversold territory, indicating increased bearish momentum and a clear sell signal.
The Bollinger Bands are currently wide, but they will converge in the near future due to the presence of dark red candles. The convergence of the bands indicates a decrease in the volatility of the Litecoin price. Meanwhile, if Litecoin’s price consolidates below the midline of the bars, the bars will be tilted downward for the next few candles, causing the price to fall.
Overall, the technical analysis on the 4-hour chart gives a sell signal, with 12 of the 26 major technical indicators supporting a bearish move. On the other hand, four indicators are giving buy signals that point to a rising correction. Meanwhile, ten indicators remain on the sidelines, not supporting either side of the market.
The technical analysis of 24 hours does not share this opinion and gives a buy signal: 12 of the 26 indicators point to a downward movement, while only four indicators point to an upward correction. Meanwhile, ten indicators remain neutral and give no signal at the time of writing.
The contrast between the 12-hour and 24-hour technical analysis shows a trend reversal for the price of Litecoin, with the LTC trend changing from bullish to bearish.
What can we expect from the Litecoin price?
Traders should expect the price of Litecoin to fall further as it drops to the $225.0 mark. Technical indicators and medium-term technical analysis point to a decline to the $2000 level before finding strong support for a recovery.
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