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- 1 LTC price is currently trading at $105.77 with a gain of 5.73% in the intraday session
- 2 LTC is currently observing a pull back after jumping beyond $100 level.
As per Litecoin price prediction, LTC price is on an uptrend on the daily time frame, however the price is not respecting all the major MA and EMA levels. As was predicted in the previous analysis, the LTC token after making a double top pattern, the asset price surged beyond $100.Presently, LTC price is struggling to maintain above the $100 threshold.
Technical indicators and price action suggest that Litecoin price is presently overvalued in the supply zone. The LTC token’s price is making a downward curve which is a forebearer of a bearish fall. Even though the price is gaining support from crucial support levels, the probability of a bullish reversal is less because there is a strong presence of sellers.
Litecoin’s price is trading above 100 EMA with a gain of 5% over the past 24 hours. Litecoin has a total supply of 84,000,000 in which 87% is circulating in the market. The current (press time) value of the LTC coin is $105.74 and it has a market capitalization of $7.28 Billion.
Fall in Bullish Sentiments, Rise In Trading Volume
The total bullish sentiment rate fell by 21.54% though there is an increase in the 24-trading volume (63.32%).
The rise in the trading volume implies that Litecoin is being exchanged actively between the buyers and sellers
LTC Price Prediction: LTC Price Technical Analysis
The RSI line is taking a reversal from the daily timeframe moving above the median line and 14 SMA. The present RSI value is 69 points and the 14 SMA is trading below it at around 48.45 points.
The stochastic RSI is returning to the demand zone on the daily chart. The current value of the %K line is 72.99 points, it may give a bearish interception to the median line around 50 points.
Conclusion
From previous analyses, it can be estimated that the price of LTC is being overwhelmed by the sellers. Technical indicators and price action suggest that LTC price is presently overvalued in the supply zone which can create a negative impact on the price.
Technical levels –
Support -$90 and $95
Resistance – $120.00 and $125.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
