Litecoin price analysis: Can the bulls break past $53 resistance?

TL;DR Breakdown

  • Litecoin price analysis suggests upward movement to the $57.50 mark
  • The closest support level lies at $52.00
  • LTC faces resistance at the $53.24 mark

The Litecoin price analysis shows that LTC finds support at the $52.00 mark after being rejected from the $57.50 mark. While the price stabilizes above the $50.00 mark, the bearish pressure is yet to fully subside. 

The broader cryptocurrency market observed a mixed market sentiment over the last 24 hours as most major cryptocurrencies record both positive and negative price movements. Major players include XRP, recording an 8.25 percent incline, and ATOM, recording an 8.14 percent decline.

Litecoin price analysis: LTC finds support at $52.00

Technical indicators for LTC/USDT by Tradingview

The MACD is currently bullish, as expressed in the green color of the histogram. However, the indicator shows low buying momentum, as observed in the low height of the indicator. Regardless, the darker shade of the histogram suggests an increasing bullish momentum across the short-term charts. 

The EMAs are currently trading below the mean position as net price movement over the last ten days remains negative. However, as the markets observe buying activity, the EMAs have started moving upwards towards the mean position. Furthermore, the 12-EMA continues to lead as the two EMAs move across the short-term chart.

The RSI broke below the oversold price level yesterday but had moved back into the neutral region. However, the index continued to trade low in the neutral region and is trading at 39.78 at press time. Currently, the index suggests a bullish movement across the short-term charts, while the horizontal movement of the index suggests low momentum on either side. 

The Bollinger Bands have been wide for the last couple of days and continue to show a wide channel for the Litecoin price as it fell below the $55.00 mark. Currently, the indicator’s bottom limit currently provides support at the $49.02 mark, while the mean line presents resistance at $53.24.

Technical analyses for LTC/USDT 

Overall, the 4-hour Litecoin price analysis issues a sell signal, with 14 of the 26 major technical indicators supporting the bears. On the other hand, only two of the indicators support the bulls showing a low bullish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.

The 24-hour Litecoin price analysis shares this sentiment and also issues a sell signal with 14 indicators suggesting a downward movement against only five indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing low buying pressure for the asset across the same timeframe. Meanwhile, seven indicators remain neutral and do not issue any signals at press time. 

What to expect from Litecoin price analysis?

4-hour price chart by Tradingview

The Litecoin price analysis shows that Litecoin is stabilizing above the $52.00 support level as the bulls fight to break past the $53.00 mark. However, the bears still dominate the short and mid-term charts, as expressed in the technical analyses. Nonetheless, further downward movement is unlikely, given the bullish short-term indicators.

Traders should expect LTC to move upwards to the $53.00 mark to make a bullish breakout from the level. The following bullish rally can be expected to raise the price to the $57.50 mark.