Litecoin has been garnering a lot of attention recently, with its price rising to as high as US$221.93 on December 20. This impressive rise has seen many people wonder if it will be able to breach the $400 mark, which would be a huge milestone for the cryptocurrency. However, after Litecoin fell to US$196.70 on December 21, it became clear that it was unable to sustain its value at such a high level. Although it has since dropped to US$161.44, the coin is still performing well, and appears to have the potential to reach US$400 in 2018.
Summary of the situation
- The price of Litecoin is expected to move sideways around $350.
- LTC meets resistance at $400.
- The next support level is $350.
The price of Litecoin has broken through the $310 mark and strong bullish momentum has taken the price above $380. Over the past seven days, the price of LTC has risen more than 24%, indicating a steady upward movement. However, strong bullish activity is giving way to volatile Litecoin price action.
The broad crypto-currency market has been bullish over the past seven days, with most major crypto-currencies posting gains during this time frame. Ripple’s XRP and ADA were among the top performers, up 3.76% and 6.26% respectively. Meanwhile, Bitcoin and Ethereum posted gains of 2.55% and 9.25% respectively.
Technical indicators for LTC/USDT
Technical indicators for LTC/USDT by Tradingview
As for the technical indicators, the MACD shows a decline in bullish momentum. Although the histogram is still in the red at the time of writing, it has shrunk significantly now that the price has finally passed the $8.00 mark. Although the 26-EMA is still above the 12-EMA, the difference between the two is small and they could show a reversal at any time.
The RSI is currently hovering in the neutral zone just below the 56.00 level and giving no signals. The indicator has been in the neutral zone for the past two days, after falling on the 9th. May was down slightly in overbought territory. At the time of publication, the RSI made another small jump into oversold territory, indicating increasing bearish sentiment at current price levels.
The Bollinger Bands are currently wide but are converging quickly as bears take over the market dynamics. The convergence of the bands suggests that the volatility of the Litecoin price is decreasing in the short term. However, if the price consolidates above the centerline of the bars, they will point upwards in the following candles.
Overall, the technical analysis on the 4-hour chart gives a buy signal. 14 of the 26 major technical indicators point to an upward movement. On the other hand, only two indicators are giving sell signals, indicating a bearish pullback. Meanwhile, ten indicators remain on the sidelines, not supporting either side of the market.
The technical analysis on a 24-hour basis agrees with this assessment and also gives a buy signal. Fifteen of the 26 indicators point to an upward movement, and only two indicators point to a downward decline. Meanwhile, nine indicators remain neutral and give no signal at the time of writing.
What can we expect from the Litecoin price?
Chart 4 hours from Tradingview
The Litecoin price is under heavy downward pressure at $400, making it difficult for the price to rise above that level. The short-term indicators are bearish, while the medium-term analysis supports the bulls, indicating a lack of momentum on both sides. Currently, traders should expect the Litecoin price to move sideways as it stabilizes at pre-growth levels.
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