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Litecoin price analysis: LTC price plunges to $61.18 after a bearish streak

Litecoin price analysis
TL;DR Breakdown
  • Litecoin price analysis shows a bearish market trend
  • LTC prices have sought support at $60
  • Litecoin Prices have declined by 6.53 percent

Litecoin price analysis for today indicated the market is in a bearish trend as the prices look to decline even further. The Litecoin market has been on a downward trend for the past few days as the prices have plunged to $61.18 after a bearish streak. The prices have sought support at $60, but the bears are in control of the market and they are pushing the prices down. The Litecoin Prices have declined by 6.53 percent and this has been a very bearish market trend. The market is expected to continue its downward trend in the near future as the bearish momentum is strong. Litecoin prices are expected to find support at $60 in the short term.

The next few days are critical for the Litecoin market as the prices could either continue their downward trend or stage a recovery. If the prices continue to decline, then Litecoin could test the $58 level in the near future. On the other hand, if the prices stage a comeback, then Litecoin could retest the $63 level. The market is highly bearish at the moment and it is important to monitor the market closely in the next few days.

Litecoin price analysis on a daily chart: Prices seek support at $60

Litecoin price analysis indicates the prices have been trading between a range of $60.56 to $66.29 in the last 24 hours as the trading volume also decreases and it is currently totaling $540,903,370.41. The digital asset has had a market cap of $4,305,842,925.58, ranking position 20 overall while it dominates 0.36 percent of the overall cryptocurrency market. The market is currently facing some selling pressure as the prices have dipped below the $62 level.

The RSI is currently at 33.89 which indicates that the market is extremely oversold and this could be a buying opportunity for traders. The MACD has also given a bearish crossover as the prices look to decline even further in the near future.

image 135
LTC/USD 1-day price chart. Source: tradingview

The market volatility is currently low as the prices are not seeing any major price swings. The market is expected to see some volatile price action in the next few days as the prices could either continue their downward trend or stage a recovery. The Bollinger bands are seen to be narrow which is an indicator of low market volatility.

LTC/USD price action on a 4-hour price chart: Bearish trend looks to continue

LTC/USD price analysis on a 4-hour time frame shows that the prices have been trading in a downtrend as they have declined below the $63 level. The market is currently facing some selling pressure as the prices look to decline even further in the near future. The MACD is given a bearish crossover as the prices look to the decline in the near future. The RSI is currently at 36.76 which indicates that the market is extremely oversold and this could be a buying opportunity for traders.

image 136
LTC/USD 4-hour price chart. Source: trading view

The Bollinger bands are seen to be very narrow, indicating the market volatility is currently low. The market is expected to see some price swings in the near future as the prices could either continue their downward trend or stage a comeback.

Litecoin price analysis conclusion

Litecoin price analysis indicates LTC/USD pair has entered a bearish trend as the prices have declined below the $62 level. The market is expected to see some more selling pressure before the prices find some support. The bears are in control of the prices and they are expected to push the prices lower in the near future.

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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