Crypto Money News – Litecoin price failed to rise above the $ 150 level and fell to the $ 130 level. The price finds short-term support at this level, but it is not yet clear whether LTC will move up to $ 150.
The cryptocurrency market continues its downward trend as most assets have recorded significant losses in the past 24 hours. These include Bitcoin and Ethereum, which fell 11.07 and 8.06 percent, respectively.
Will Litecoin rise?
Litecoin price traded above an ascending trend line made a strong start to 2020. The trend continued until January 10, when the price reached the $ 180 level. LTC encountered strong resistance and buyers were unable to hold the level as the bulls moved above the level, after which LTC fell back.
Litecoin price dropped to $ 110 before the price stabilized and observed a strong rejection at this level. The price surged to the $ 140 level, but did not rise to the $ 160 level until January 19. The price could not move above this level and has since fallen. Today Litecoin dropped below the $ 140 level and is trading above the $ 130 support.
What do technical indicators say?
Looking at the technical indicators, the MACD is showing an increasing bearish momentum as time goes on as the two EMAs continue to move further. If LTC closes the day above $ 130, it could mean that the indicator is reversing the uptrend.
The RSI remains neutral but low, indicating bearish pressure on the price level. The slope of the indicator has decreased in recent hours, indicating that the upward momentum is increasing. However, the indicator still points to strong bearish pressure.
Bollinger bands are widening, indicating that price volatility is increasing. Currently, the indicator is expanding in both directions, indicating a potential sharp move in both directions.
What do the indicators say?
The four-hour technical analysis shows a strong sell signal, as 19 of the 28 main technical indicators give sell signals. On the other hand, only two of the indicators are giving buy signals while the remaining seven indicators remain neutral and show no support for either side.
24-hour technical analysis shares this sentiment, as the analysis shows that 12 indicators support the bearish trend. Meanwhile, six indicators give buy signals, while the other 10 indicators remain neutral. Overall, the indicator gives a sell signal that indicates more bearish moves.
Where is the Litecoin price going?
Investors can expect the Litecoin price to fall further to the $ 120 support level before stabilizing. Negative technical indicators and relatively low trading volume point to further declines before the market stabilizes.
In the opposite scenario, if LTC remains above the $ 130 support level, we can observe a V-shaped recovery up to the $ 160 level. But given that the LTC was unable to do so yesterday when the price rose to the $ 150 level before returning to current levels, this seems unlikely.