Litecoin price analysis: LTC recovers to $65, eyes $70 next

TL;DR Breakdown

• Litecoin price analysis suggests upwards movement to $70
• The closest support level lies at $63.00
• LTC faces resistance at the $65.69 mark

The Litecoin price analysis shows that the LTC price action has recovered to the $65.00 mark but is yet to break through the resistance level.

The broader cryptocurrency market observed a positive market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include ETH and BTC, recording a 0.24, and a 0.14 percent decline, respectively.

Litecoin price analysis: LTC recovers to $65

The MACD is currently bullish, as expressed in the green color of the histogram. However, the indicator shows low bullish momentum as expressed in the low height of the histogram. Furthermore, the lighter shade of the histogram suggests a declining bullish momentum and indicates that a bearish crossover is imminent.

The EMAs are currently trading close to the mean position as net price movement over the last ten days remains low. Moreover, as the two EMAs continue to move horizontally, the momentum would not increase on either side. On the other hand, the horizontal movement of both the 12 and the 26-EMA suggests a lack of trading activity from either side of the market. 

The RSI has been trading high within the neutral region for the last three days as the price showed recovery to the $65.00 mark. Currently, the indicator is trading above the mean position at the 50.00 index unit level and hovers at 62.52. At press time, the indicator issues no signals while the horizontal slope shows low market pressure. 

The Bollinger Bands were diverging as the price rose but now as the price stagnates below the $65 mark, the bands are likely to converge. At press time, the indicator’s bottom line provides support at $56.54 while the upper limit presents a resistance level at $65.69

Technical analyses for LTC/USDT 

Overall, the 4-hour Litecoin price analysis issues a buy signal, with 15 of the 26 major technical indicators supporting the bulls. On the other hand, only one of the indicators supports the bears showing a low bearish 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 buy signal with 15 indicators suggesting an upward movement against two indicators suggesting an upwards movement. The analysis shows bullish dominance across the mid-term charts while little to no significant selling pressure for the asset across the same timeframe. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.

What to expect from Litecoin price analysis?

The Litecoin price analysis shows that after observing a sharp price drop to the $56.0 mark, LTC was able to defend the support level and the price recovered to the $65.00 mark. However, the bulls have been unable to climb any further and the price remains at that level. 

Traders should expect LTC to move upwards to the $70.00 mark as the bulls break through the $65.00 resistance. The suggestion is reinforced by the mid-term technicals which issue bullish signals across the 4 and 24-hour charts. On the other hand, if the bears take over, the price can be expected to drop to $60 but not any lower.