- Litecoin price analysis is bearish
- Resistance for LTC prices is seen at $114.0
- Litecoin prices are down by 2.58 percent
Litecoin price analysis shows a bearish market for cryptocurrency. The coin’s prices have retraced to $109.35 after a rejection at $114.0. Litecoin’s immediate support is seen at $107.0, and if it breaks below this level, further losses can be expected. The cryptocurrency market had a great start to the week as Bitcoin’s prices surged to $47000. However, the positive momentum could not be sustained, and BTC lost over $1,000 in value. This selling pressure dragged the altcoin market down with it, and Litecoin was no exception.
Litecoin price movement in the last 24 hours: Bearish sentiment prevails
Litecoin’s prices have retraced by 2.58 percent in the last 24 hours. The coin started the day trading at $112.17 and reached a high of $114.06 before it was rejected and pulled back to its current price of $109.26. Litecoin’s trading volume in the last 24 hours has been $609,960,080.92 while LTC’s market capitalization currently stands at $7billion.
The technical indicators for LTC prices are mostly bearish. The MACD shows diminishing bullish momentum as the coin enters a phase of consolidation. The RSI is trading at 45.77, and Litecoin’s prices are not oversold or overbought currently. The market volatility is also low, which indicates a lack of trading activity in the market as the Bollinger bands have contracted and they are close to each other.
Litecoin price action on a 4-hour price chart: LTC/USD bulls need to push prices above $114
On the 4-hour price chart, we can see that Litecoin’s prices have formed a descending triangle pattern. The coin is currently trading at the support of this pattern, and a break below this level can result in further losses for LTC. If the bulls can push Litecoin’s prices above $114, we can expect the coin to resume its upward move.
The Fibonacci retracement tool shows that Litecoin’s prices have pulled back to the 61.8 percent Fibonacci level after rejection at the 78.6 percent Fibonacci retracement level. This indicates that the coin still has some upside potential, and a move above $114 can lead to a rally towards the $122 level. The moving averages are also giving a bullish crossover signal as the 50-day SMA is about to cross above the 200-day SMA. This indicates that the bulls are in control of the market, and a move above $114 can lead to further gains.
The MACD indicator on the 4-hour chart shows decreasing bullish momentum as the MACD line (blue) crosses below the signal line (red). The RSI for LTC/USD is currently trading just above the oversold zone, indicating that the prices could see a minor relief rally. However, if the selling pressure continues, Litecoin prices are likely to drop below $100.Major Support Levels: $107.0, $101.35.
Litecoin price analysis conclusion:
Litecoin prices are bearish as the bears have been able to dominate the market over the weekend. Litecoin price analysis shows that the coin is currently in a bearish market as the prices have retraced after a rejection at $114.0. The technical indicators are mostly bearish, and a break below the $107 level can result in further losses for LTC. If the bulls can push Litecoin’s prices above $114, we can expect the coin to resume its upward move.
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