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Litecoin price analysis: LTC defends $100 support amid heavy selling – How long will bears rule?

Litecoin price analysis LTC defends support amid heavy selling How long will bears rule

TL;DR Breakdown

  • Litecoin price analysis shows price moving towards $100 support level.
  • A break and close below $105 will complete the bearish triangle formation.
  • LTC/USD trades under the 100-day and 200-day moving averages.
  • The daily charts stress on the descending triangle pattern.
Litecoin price analysis: LTC defends $100 support amid heavy selling – How long will bears rule? 1
Cryptocurrency heat map by Coin360

If bulls do not stall the decline at the psychological level, $100, there could be a further drop to $70. When LTC/USD pair drops below $102, it might be a good time to buy. Currently, the LTC/USD is low close to the intersection of the moving averages pattern. This critical intersection could make or break its stability because it was bounced off when prices were running high in the last two months.

Price action moves to test supports levels below $105. We anticipate a decline near that level, where investor sentiment may change quickly due to falling prices as suggested in our Litecoin price analysis.

Investors can spot diminishing volume bars in the chart, indicating more excellent trading moves anticipated.

The EMA line reflects how the Litecoin momentum is negative and continuously trending downwards below its critical support levels. The 20-day EMA is an excellent way to see if the price of LTC/USD will go up.

Litecoin price movement in the last 24 hours: Sharp move towards $105 support

One factor contributing to the recent sell-off is the way 100-day and 200-day EMAs have crossed in a negative fashion. These are currently on track for such a situation. Litecoin price analysis depicts similar distress on the hourly charts as well.

The RSI of the 30-day timeframe indicates a negative behaviour among the market participants. The LTC/USD pair shows the emergence of declining wedge pattern, indicating continued downward pressure.

Litecoin price analysis is hinting about a falling wedge price pattern. Here, the pair usually breaks on a higher pedestal, reflecting how the LTC/USD will move negatively towards key $105 support before journeying to even lower levels.

LTC/USD 4-hour chart: Traders remain cautious near the $100 support level

Litecoin price analysis: LTC defends $100 support amid heavy selling – How long will bears rule? 2
Litecoin price chart by TradingView

The MACD indicator has bearish signs written all over it. Currently Litecoin price analysis is evident of the bearish momentum in the market is fully intact.

Although it may seem like the bullish crossover has strengthened, this is an illusion because of the green bar’s weakness. The trend of the LTC coin has been downward in the last 24 hours and clearly evident in the Litecoin price analysis of yesterday.

The price displays intense bearish pattern mimicking a descending triangle that gets lower and lower under the $105 support level. Meanwhile, the chart shows a Doji star candlestick pattern that indicates this sideways trend should provide significant upside and be reliable.

If the pair maintains current price trajectory, and sustainability under a strong support level, it could be good for the short-term sellers.

Litecoin price analysis conclusion: Bulls sitting on the side lines

Since the closing price yesterday, the LTC price has undergone a significant change. It is currently at $105.00 with a sharp daily bearish candlestick pattern.

In addition, the price breaks past the pivotal level. The STC indicator, which indicates selling pressure in the market currently, is showing a sell signal. Current traders are guiding this lower selling momentum. The price trend is below EMA-200.

As the price fails to stay above the support level and it is currently trying to get back up, this means that the trend remains bearish. The daily chart of LTC has been trying to hold above the support level, shown as a green line at $100.

The critical resistance level for LTC/USD is $113.0, but if it makes a move above and breaches its fundamental resistance level of $148.0, then the selling pressure will vanish from the market.

Overall, the price of LTC/USD seems to be on a downward trend. Investors can monitor how long the price remains below EMA-200 to see if the downtrend is still going. In LTC, the selling pressure is low. This means that prices stay in the negative zone.

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.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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