LTC finds support at $88 but can the bulls hold on? – Cryptopolitan

TL;DR Breakdown

• Litecoin price analysis suggests upward movement to $90 before continuing the downtrend
• The closest support level lies at $88.00
• LTC faces resistance at the $90.00 mark

The Litecoin price analysis shows that the LTC price action found support at the $86.00 mark and the bullish momentum has enabled the price to return to the $88.00 mark. However, the price action still faces strong bearish pressure at press time as the bulls face rejection at the $90.00 mark. 

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include BTC and ETH showing a 1.74 and a 1.37 percent incline, respectively.

Litecoin price analysis: LTC finds support at $88.00

The MACD is currently bullish as expressed in the green colour of the histogram. Moreover, the indicator shows a steady bullish momentum at the press time as observed in the height of the histogram. Furthermore, the darker shade of the indicator suggests an increasing bullish momentum as the price finds support at the $88.00 mark.

The EMAs are trading close to the mean position as net price movement over the last ten days remains low. Currently, the EMAs are trading close to each other showing low bullish momentum at press time. On the other hand, the diverging EMAs suggest a slowly increasing bullish momentum.

The RSI has been trading in the neutral region for the past seven days as the price action traded around the $88.00 mark. At press time, the indicator trades near the mean point at the 53.35 index level as the price suggests slight bullish dominance with the upwards slope suggesting a decreasing bearish pressure at the current price level.

The Bollinger Bands are currently narrow as the price action observes little to no volatility across the short-term charts. Furthermore, as the price stabilizes above the $88.00 mark, the bands will show further convergence. At press time, the bands’ lower limit provides support at the $86.02 mark while the upper limit presents a resistance level at the $89.14 mark.

Technical analyses for LTC/USDT

Overall, the 4-hour Litecoin price analysis issues a buy signal at press time with 10 indicators supporting the bulls. On the other hand, six of the indicators support the bears showing a reasonable bearish presence. At the same time, ten indicators sit on the fence and support neither side of the market. 

The 24-hour Litecoin price analysis does not share this sentiment and instead issues a sell signal with 12 indicators supporting the bears against only four supporting the bulls. The analysis shows bearish dominance across the mid-term charts with a low bullish presence at the current price level. Meanwhile, the remaining eight 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 the Litecoin market is currently in a bearish rally as the price action observed a breakdown from the $104.00 mark to the $86.00 price level. However, the bulls made some recovery and the price has risen back to the $88.00 mark. 

Traders should expect LTC to observe sideways movement at the current price level before the price action continues its downward motion. The suggestion is reinforced by the drift between the short and medium-term charts that suggest bullish and bearish trends respectively. Currently, the price can be expected to move to $90.00 before finding a strong resistance level.