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Litecoin price analysis: LTC prices step to $68.10 after rejection at $70

Litecoin price analysis
TL;DR Breakdown
  • Litecoin price analysis indicates prices are currently trading at $68.10
  • LINK prices are down by 5 percent
  • LINK prices have set support at $65.18
image 331
Cryptocurrencies prices heatmap, source: Coin360

Litecoin price analysis shows LTC prices stepped up to $68.10 after rejection at $70, indicating that the market is still in favor of bulls. However, LINK prices are down by 5 percent at the moment, pulling LTC prices lower. Nevertheless, LINK prices have found some support at $65.18 and we expect the market to consolidate around this level in the near term.

Litecoin price analysis indicates LTC/USD slipped below the key support at $65.18 after failing to sustain the uptrend above $70. The price is now trading close to the ascending triangle lower trend line. A breakout and a close below this level could trigger a further decline towards $45.

Litecoin price analysis: Technical analysis

Litecoin price analysis indicates that the market is still in favor of the downside as the bulls have failed to push prices higher. The price is trading below the moving averages as the 50-day moving average has crossed below the 200-day moving average. This is a bearish sign indicating that the path of least resistance is to the downside.

The MACD on the daily time frame is in negative territory as the MACD line (blue line) has crossed below the signal line (red line). This is a bearish crossover and it indicates that the bears are in control of the market.

image 330
LTC/USD 1day price chart, source: TradingView

The RSI on the daily time frame is in the bearish territory as it has slipped below 50 indicating that the bears are in control of the market momentum. The support levels to watch out for are $45 and $40 while the resistance levels are at $70 and $80.

The market volatility is currently at elevated levels as the Bollinger bands have expanded indicating that the market is currently in a state of high volatility.

The Litecoin price analysis shows that bulls need to push prices above $70 for a move towards $80. However, if prices slip below $65, we could see a further decline towards $45.

Litecoin price analysis on a 4-hour price chart: Bears take control after rejection at $70

Litecoin price analysis on the 4-hour chart shows that prices have slipped below a key support level at $65. The price is now trading close to the ascending triangle lower trend line. A breakout and a close below this level could trigger a further decline towards $45.

The finnobacci retracement levels indicate that the 61.8 percent retracement level is acting as resistance at $69. The 50 percent retracement level is providing support at $65. A break below this level could see prices slipping towards the 38.2 percent retracement level at $61.

image 329
LTC/USD 4-hour chart, source: TradingView

The MACD on the 4-hour time frame is in negative territory as the MACD line (blue line) has crossed below the signal line (red line). This is a bearish crossover and it indicates that the bears are in control of the market. The RSI line is currently residing in the bearish territory as it has slipped below 50. This indicates that the bears are in control of the market momentum.

The market volatility is currently at elevated levels as the Bollinger bands have expanded indicating that the market is currently in a state of high volatility.

Litecoin price analysis conclusion

Litecoin price analysis reveals the market is in a bearish mood and further selling action would take place if prices break below $65. On the other hand, a move above $70 is needed for the bulls to take control and push prices towards $80.The bears are pushing for a further decline as the bulls have failed to sustain the uptrend. The price is trading below the moving averages which is a bearish sign.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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