- Litecoin price expected to continue consolidating around $130
- The closest support level lies at $120.00
- LTC faces resistance in crossing above the $140
Litecoin price failed in climbing above the $150.00 mark and has fallen back to the $130 price level. Since falling to the level, LTC has continued to oscillate around the level as the price action observes extremely low volatility.
The broader cryptocurrency market observes a bearish change across the last 24-hours as most assets record a drop in prices across the period. These include Bitcoin that continues to oscillate around the $35,000 mark moving between the $40,000 and the 30,000 mark. Similarly, Ethereum has also fallen back below the $1,400 mark.
Litecoin price enjoyed a strong start to January as the price quickly found bullish support, and the price rose from the $120.00 level towards the $180.00 level. However, the price action observed a sharp crash to the $110.00 mark before the price stabilized. Since then, however, the price has faced difficulty in climbing above the $160 mark.
LTC crossed above the $160.00 level on January 19 but failed to close above the level and declined back to the $120.00 level. Since then, the price has been trading around the $130 price level oscillating between the $140.00 and the $120.00 mark.
Across the technical indicators, the MACD is bullish, but the decreasing size of the histograms suggests a decreasing bullish momentum. After the price was rejected from the $145.00 mark,
The RSI is neutral and trades just below 50.00 moving downwards. However, the indicator currently has a gentle slope that suggests the bearish pressure is low.
The Bollinger bands are not in a squeeze but are not wide either. The indicator’s margins are currently horizontal, suggesting equal momentum on both sides. As the price continues trading near the indicator’s mean line, the indicator would soon show convergence suggesting a further decrease in the asset’s volatility.
Overall, the four-hour technical analysis issues a weak buy signal, with nine of the 26 major technical indicators supporting an upwards price movement. On the other hand, eight indicators issue sell signals suggesting a negative price action. Meanwhile, another nine indicators remain neutral, suggesting no support towards either side.
The 24-hour technical analysis observes a polar-opposite sentiment with nine indicators suggesting a downwards movement. On the other hand, eight indicators issue a buy signal, with the remaining nine indicators issuing no support for either side. Overall, the analysis issues a weak sell signal.
What to expect from Litecoin price?
Traders should expect Litecoin price to continue trading inside the consolidating channel for the next few days until the price finds strong support to break above the level. The confused sentiment expressed by the technical indicators and the relatively low trade volume also supports this prediction making it unlikely for LTC to break above.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.