Litecoin price prediction: Can LTC break past $240 resistance level?
Summary of the situation
The price of Litecoin is expected to fall to $200.
The closest support is at $220 and below the $200 level.
LTC is facing resistance at $240 and upside at $260.
After climbing to $320, Litecoin failed to continue its rise and the price broke the $280.00 level, where it remained until the 22nd. April persisted. Although buyers defended the support level, the price action failed to break above the $240 level due to strong selling pressure.
The broader crypto-currency market has been bullish over the past 24 hours, with most major crypto-currencies posting gains over time. The key players were ADA and NBB, which were up 14.79% and 9.75% respectively. Meanwhile, Bitcoin and Ethereum posted gains of 23.32% and 5.72%, respectively.
Technical indicators for LTC/USDT
Technical indicators for Tradingview LTC/USDT
In all technical indicators, the MACD shows a decrease in bearish momentum. Although the histogram is still red at the time of writing, its size has decreased significantly. As for the EMAs, the 12-day EMA is still trading below the 26-day EMA, while the difference between the two is significant; however, they could show a reversal at any time.
The RSI is currently in the neutral zone just below the 44.00 mark and is not giving any signals. Last week the indicator was in the neutral zone. At press time, the RSI has returned slightly to the overbought zone, suggesting buyers are fighting back.
The Bollinger Bands are currently wide and will widen in the future based on dark green candlesticks. The widening of bands means increased volatility for the Litecoin price. Meanwhile, price is consolidating below the median band line and could start a bearish reversal at any time.
Overall, the technical analysis on the 4-hour chart gives a sell signal, with 15 of the 26 major technical indicators supporting a bearish move. On the other hand, only one indicator gives a buy signal, indicating bullish momentum. Meanwhile, ten indicators remain on the sidelines, not supporting either side of the market.
The continuous technical analysis does not share this opinion and is neutral, with nine of the 26 indicators giving no signals in the press mode. Meanwhile, nine indicators give a sell signal, indicating a bearish move, while eight indicators give a buy signal, indicating a bullish move in the Litecoin price.
What can we expect from the Litecoin price?
4-hour price chart from Tradingview
Traders should expect the Litecoin price to fall back towards the $220.00 mark, as the price action is still facing strong downward pressure. Negative technical analysis and short-term bearish indicators point to a decline to the psychological $200 level.
Conversely, if the Litecoin price rises above $240.00, the next resistance is at $260.00. However, given the drop in trading volumes, this is unlikely.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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