Litecoin News

Litecoin Price Analysis: LTC/USD is bearish for the next 24 hours

TL;DR Breakdown

  • On the four-hour chart, bulls seem to be on a comeback.
  • Litecoin price analysis is slightly bearish.
  • Support is still stable at $198.5.

The Litecoin price analysis reveals that the price is declining as a price drop has been detected today. The cryptocurrency’s value has been damaged by a fall in price, as indicated by the bearish strike. LTC/USD dropped below $205.6 as bears were able to breach through the recent bullish momentum, bringing overall prices down for today.

The MACD line is below the signal line, and the histogram is negative and decreasing. This indicates that the sellers are currently in control of the market. RSI has also fallen below 50, which confirms a strong selling pressure.

LTC/USD 1-day price chart: Price takes a turn downwards

The one-day Litecoin price analysis reports odd findings for the cryptocurrency right now, as a noted decline in value. As the price moved down to $205.6 in the last 24 hours, the bearish strike significantly influenced. The price behavior was quite stable during the previous seven days, with an increasing trend observed. Litecoin was able to break the $198.5 support and is currently hovering at that value.

The MACD line is below the signal line, and the histogram is negative and decreasing. This indicates that the sellers are currently in control of the market. RSI has also fallen below 50, which confirms a strong selling pressure. The 100 EMA line has started to descend, which means the bears are taking over.

Litecoin price analysis: Key levels to watch

The Litecoin price analysis currently reports that the cryptocurrency’s value is below $200. The support area at $198.5 has been breached, but it still supports the price well when the bulls take control of the market.

The support level for LTC/USD is positioned at $198.5, but it remains to be seen whether it will hold or not. A break below this support could further price decline towards $181. However, if buyers manage to take over and push prices back above $205.6, the current downtrend could reverse, and we could see a resumption of the uptrend.

In short, the Litecoin price analysis today suggests that bears are in control of the market, and a fall in price has been detected today. Therefore, the current bearish momentum could continue to impact prices until buyers manage to take control of the market and push prices back up.

On the downside, if LTC/USD drops below the support level of $198, further declines are on their way. We could see price testing support lower at around $181 in future trade sessions due to the strong bearish momentum that remains dominant in the market right now, even after breaching through previous support yesterday. If buyers fail to take over and push prices back up, we could see LTC/USD dropping even further towards $155.

Litecoin price analysis: Recent developments and further technical indications

The Litecoin price has been up by nearly 6 percent in the past day, and it appears to be on track to hit $350 within a few days. According to four hours of Litecoin price analysis, the upward trend will resume as soon as now, with prices beginning to climb again in the previous several hours. Although the LTC/USD has not yet hit $350, it is only a matter of time before this bullish pressure pushes the rate even higher.

LTC/USD 4-hours price chart. Source: TradingView

The technical indicators for this Litecoin price analysis show us that the bearish momentum remains dominant in the market after breaching through support at $210 yesterday, so it is possible to see further declines pushing prices lower today.

On the four-hour timeframe, we can see that the price is trading below the 4 hour SMA, which is situated at $205.6 at the moment. However, if the bulls successfully break through this level in a bullish wave then they will meet immediate resistance above them at $209.2 followed by more resistance higher up at $213 and $218 respectively which, will require further confirmation before they are breached successfully in the future trade sessions to indicate more buying pressure.

Litecoin Price Analysis: Conclusion

Following a succession of bearish momentum, the Litecoin price appears to be gaining steam again as the price has been rising during the previous few hours. We expect a few more hours of recovery before facing resistance at the $207 mark once again.

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.

This post was last modified on December 3, 2021 10:59 am

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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