AnalysisCoin

Litecoin price analysis: As LTC falls near $250, selling pressure increases

The sellers shattered the $280.00 support level as LTC dropped to the $260.00 mark after failing to surge beyond the $300.00 mark, according to the Litecoin price analysis. As the selling continues, the price is currently approaching $240.00.

Over the recent 24-hours, the broader cryptocurrency market has seen a strong market mood, with most major cryptocurrencies seeing favorable price changes. AVAX and DOGE, two major participants, have a 9.38 percent and 7.75 percent inclination, respectively.

What’s Next for Litecoin Price Analysis: LTC Rejected at $260?

The MACD, as seen by the red histogram, is now indicating negative momentum across all technical indicators. The lighter hue of the histogram indicates that the indicator is now showing a falling negative momentum. The MACD had a bearish crossing on November 11 and has remained in that range since then, while the price of Litecoin has fallen from $295.00.

As the price movement finds support above $250.00, the EMAs are now stabilizing above the mean. As the price tries to move towards $260.00, the 12-EMA is rising upwards. Meanwhile, the 26-EMA is still going lower, indicating that the 26-day moving averages are still negative.

Litecoin price analysis: Selling pressure escalates as LTC falls to $250 1
Technical indicators for LTC/USDT by Tradingview

At the 47.89 index mark, the RSI is now neutral and trades close to the mean level. As LTC oscillates below the $260.00 barrier, the indicator is now moving down the x-axis. The neutral position allows for erratic activity in either direction, but the horizontal indication reveals that short-term charts are rife with conjecture.

The Bollinger Bands are now broad, but they are converging as the market activity slows around the $45.00 line. Traders should anticipate the signal to converge downwards as price movement consolidates below the indicator’s mean line, setting up a lower resistance level for LTC in the immediate term.

LTC/USDT technical analysis

Overall, the 4-hour Litecoin price analysis offers a buy recommendation, as 11 of the 26 significant technical indicators over the period support the bulls. Only five of the signs, on the other hand, favor the bulls, with no notable purchasing activity in the markets. Meanwhile, the other ten indicators are on the fence at press time and have not sent any signals.

The 24-hour Litecoin price analysis echoes this opinion and provides a buy signal, with 15 of the indicators favoring buyers and only one signaling a negative trend. Across the mid-term charts, the research indicates significant bullish dominance. On the other hand, ten of the indicators do not support either side of the market and remain neutral.

What could you anticipate from the Litecoin price forecast?

The bulls fought and failed to advance beyond the $300 price level, leading the support at $280 to crumble, according to the Litecoin price analysis. The price had plummeted to $246.50 after establishing successive lower highs but had subsequently regained over the $250 barrier.

Litecoin price analysis: Selling pressure escalates as LTC falls to $250 2
4-hour price chart by Tradingview

As the price recovers to $270, traders could anticipate buyers to defend the $245.00 barrier. The idea is backed up by mid-term technical studies that favor the bulls, but short-term indications indicate little momentum on either side as the bulls fight for market supremacy.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button