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Litecoin Price Analysis: LTC/USD is bearish throughout the weekend

Litecoin price analysis

TL;DR Breakdown

  • Litecoin price analysis is bearish today.
  • LTC/USD saw a lower high set yesterday.
  • Litecoin is currently trading at $248

Today’s Litecoin analysis is bearish today. However, there are some bullish signals from some of the technical indicators. LTC/USD still has a long way to go to reach any semblance of a bullish market.

The Litecoin price recently saw a sharp spike from its current support level at $250, eventually reaching all-time highs. Since then, we have witnessed an inevitable correction in light of a high volume bearish trend. The coin is still struggling to find stability, with volume remaining high.

The coin experienced a sudden spike after touching its current support level at $240. This same area proved resistant enough to prevent any further progress in the market.

LTC/USD 4-hour chart: LTC to be bearish over the weekend

On the 4-hour chart, today’s Litecoin price action has generated a slew of bearish indicators, which is likely to result in another retreat over the weekend.

Litecoin price analysis highlights the coin’s difficulty in breaking through key resistance levels. If history repeats itself, we anticipate continued downward pressure on the LTC/USD 4-hour chart.

The MACD indicator is beginning to flatten out and has crossed over at the 0 thresholds. Volume is still substantial, and we expect an increase should another leg downwards occur in this market.

Litecoin Price Analysis: LTC/USD is bearish throughout the weekend 1
LTC/USD 4-hour chart. Source: TradingView

This week’s LTC price movement was characterized by strong bullish momentum. After mainly trading sideways for the previous weeks, LTC/USD established a solid new low of $190 last weekend, which sparked renewed enthusiasm.

On Monday, the LTC/USD pair started to move higher, with the $270 mark being swiftly surpassed. On Wednesday, another spike followed, pushing the price to a high of $300.

The price of Litecoin has been fluctuating in a narrow range between $240 and $285 ever since the beginning of April. Since then, the price has retraced to test support at $255. LTC/USD attempted to advance overnight, peaking at $280 before swiftly returning to the $255 support level. The current support is at $240.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bearish today, as we anticipate a retracement in the next 24 hours. The push to $300 has been strong, but bulls will quickly realize key support levels at $240 and $230 are too strong to break today.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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