TL;DR Breakdown

• Litecoin price is expected to rise to $300
• The closest support level lies at $260
• LTC faces resistance at the $275 mark.

Litecoin price has broken above the $230 mark, and strong bullish momentum has carried the price to challenge the $273 mark. LTC records an over 21 percent price hike across the last seven days showing steady bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major player includes DOGE, and BNB that record a 16.04 and a 4.08 percent increase respectively. Meanwhile, Bitcoin and Ethereum record a 7.53 and a 3.17 percent hike.

Technical indicators for LTC/USDT

Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has slightly decreased as the price struggled to get above the 6.00 mark. While the 12-EMA still trades above the 26-EMA, the difference between the two is negligible, and they may show a reversal at any time.

The RSI is currently trading in the neutral zone a little above the 64.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past week. At press time, the RSI has had a small spike towards the oversold region, suggesting bearish momentum.

The Bollinger bands are currently wide. However, as the bulls show signs of stagnation in recent hours, the Bollinger bands will converge in the short term. Currently, the indicator suggests low Litecoin price volatility in the short-term but shows an inclination towards the upper limit as the price consistently above the bands’ mean line.

Overall the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only five indicators issue sell signals suggesting a bearish retracement. Meanwhile, seven indicators sit on the fence, issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 14 of the 26 indicators suggesting a bullish movement against only two indicators that are suggesting a bearish retracement from the price level. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing.

What to expect from Litecoin price?

Litecoin price action is enjoying steady bullish momentum at the time of writing as LTC rises towards the $275.00 mark. The short-term technical indicators and the mid-term technical analyses both issue support for the bulls suggesting the continuity of the bullish trend.

As such, traders should expect the Litecoin price to rise to the $300 mark; however, a breakout above the level is unlikely given the low trade volume.

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.

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Source: https://www.cryptopolitan.com/litecoin-price-prediction-2021-05-01/