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- 1 Litecoin price is trading below the key moving averages showcasing bearishness on the daily chart.
- 2 LTC price is down by 10% this month showcasing the bears are in control.
- 3 LTC crypto social volume and social dominance have decreased in recent times.
The current Litecoin price prediction indicates that the trend is not yet fully understood by bears and bulls. To determine trend direction, it may be best for investors to wait for multiple technical indicators to converge.
The green candle is increasing slightly, which suggests that the demand zone for LTC price is attracting buyers. Investor sentiment towards the Litecoin price is unclear and may remain negative unless buyers actively participate.
Per the technical indicators and price action, the odds seem to favor the bulls. The price of Litecoin cryptocurrency is expected to attract buyers towards the upper trend line of the consolidation phase on the daily chart.
Additionally, the Litecoin cryptocurrency price attempts to find support and rise towards the 20-day and 50-day exponential moving averages. Although the Litecoin cryptocurrency is consolidating in a range, it has experienced a 0.07% drop in one week and a 9.72% drop in one month.
However, over the past three and six months, LTC cryptocurrency price has increased by approximately 24% and 22%, respectively. Nevertheless, the Litecoin cryptocurrency chart has recently shown a volatile nature. Analysts believe that the price of the cryptocurrency may rebound from low levels shortly.
Litecoin Crypto Price Has Been Consolidating Inside The Price Range
The Litecoin cryptocurrency must rise to reach the upper limit of the consolidation phase. In order for the Litecoin cryptocurrency to enter the recovery phase, it needs to attract buyers. The price of Litecoin cryptocurrency has fallen below the 20-day, 50-day, and 200-day moving averages.
Technical indicators suggest that the price of Litecoin cryptocurrency is in a consolidation phase. The Relative Strength Index (RSI) indicates that the Litecoin cryptocurrency has sideways momentum, with the RSI currently at 00 and moving towards oversold territory.
The MACD shows that the price of Litecoin cryptocurrency is in a consolidation phase, with the MACD line currently above the signal line and waiting for a crossover. Investors in Litecoin cryptocurrency should wait for a change in direction on the daily chart.
Conclusion
The Litecoin cryptocurrency is currently in a consolidation phase, with the price fluctuating within a certain range. The trend direction is unclear, investors should wait for multiple technical indicators to converge before making any decisions. The green candle is slightly increasing, suggesting that the demand zone is attracting buyers. However, the sentiment towards the Litecoin price is currently undecided, and buyers need to actively participate in price movements for the trend to turn positive. Technical indicators and price action suggest that the odds are in favor of the bulls, and the price of Litecoin cryptocurrency is expected to attract buyers towards the upper trend line of the consolidation phase on the daily chart.
Technical Levels
Support Levels: $79.00 and $72.00
Resistance Levels: $105.00 and $88.00
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
