Litecoin price analysis: LTC waits for the next upturn after 3 percent decline from $105 resistance

TL;DR Breakdown

• Litecoin price analysis shows price dropped more than 3 percent over 24 hours
• LTC declined below crucial $105 resistance while supports sits at $98.3
• The 24-hour trading volume rose by 55 percent

Litecoin price analysis shows a precarious position for the token, as it declined more than 3 percent over 24 hours to move below the $105 support mark. Most of the early price action for LTC related to the Russia-Ukraine war and Bitcoin correlated assets has dried down and the LTC/USD pair is waiting for new instigators to change price. Upwards movement still remains capped at $105, stopping previous pushes towards the previously expected return of $120.4. Over the last 24 hours, the downward price change was coupled with a 55 percent increase in trading volume, showing largely bearish signs for LTC.

The larger cryptocurrency market majorly showed signs of recovery, as Bitcoin increased up to near $39,000 with a 2 percent rise. Ethereum consolidated above $2,500 as major Altcoins also showed recoveries. Ripple, Cardano and Dogecoin all made small increments in price, whereas Solana and Polkadot rose up to $80.07 and $17.47, respectively. Terra made the biggest jump across the market, rising more than 6 percent to reach $94.03.

Litecoin price analysis: LTC needs to break $105 resistance on daily chart

The 24-hour candlestick chart shows the recent rectangular pattern forming which is capped at the $105 resistance. The current trend has taken LTC price below the resistance zone. While LTC will need to break this barrier on the daily chart and consolidate in order to reach February highs of $120, the flip side rejection below $105 will put the lower boundary of the rectangle under pressure.

In this reference, the current technical indicators remain slightly favourable towards a move back above the resistance zone. Market valuation is healthy, with a relative strength index (RSI) of 46.88, whereas price also sits just above the 25-day exponential moving average (EMA) at $104.6. The moving average convergence divergence (MACD) is still keeping its bullish crossover that developed on March 10.

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