The action in Litecoin market in the past 24 hours has been muted. The cryptocurrency has failed to move even intraday and is now trading on a flat note at $2.979.
There are two factors suppressing the movement in Litecoin:
- Overhead Technical Resistances
- Lackluster Bitcoin Market
Both of these overhangs should be dealt with quickly if Litecoin is to maintain its positive stance.
According to the latest LTC-USD price technical considerations, Litecoin needs only a little upward thrust to secure more gains.
Litecoin Chart Structure – The chart structure remains positive until this moment. Litecoin has been scaling higher grounds, but the upside has been capped by the 50-day SMA and the 150-day SMA of 3.0355 and 3.0390 respectively.
Moving Average Convergence Divergence – In a big positive, both MACD and Signal Line can be seen fast approaching the positive territory. The Histogram is sustaining its positive bias well with a value of 0.0385.
Momentum – The Momentum value has reached the highest level of the month i.e. 0.2071. This means that the bulls are more confident now than they have been in the past month.
Money Flow Index – In the previous Litecoin price technical analysis Buying the Dip?, we discussed that Litecoin is in the overbought territory as described by the MFI value of 77.7040. The MFI value has since then fallen to 68.5240.
Relative Strength Index – The 14-day RSI is nothing significant at 52.6500.
Litecoin looks resilient at this moment, however, it needs a push from the Bitcoin market to cross the overhead resistances. On a similar note, if the Bitcoin market tumbles right now, expect this resilience to fade away.
Market participants can continue to build long positions in Litecoin until $2.900 is breached (on a closing basis). The target of the upside is $3.000.
Do not expect any major price move in the next 24 hours.