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Litecoin price analysis: LTC/USD steps down to $45.42 level after a bearish takeover

Litecoin price analysis
TL;DR Breakdown
  • Litecoin price analysis shows a bearish market trend
  • LTC prices have sought support at $44.04
  • Resistance for LTC/USD is present at $48.26
image 273
Cryptocurrencies price heatmap, Source: Coin360

Litecoin price analysis shows that the market is in a bearish trend as prices have stepped down to the $45.42 level after a bearish takeover from the bears. LTC/USD had found some support at $44.04 but it was not enough to stop the sell-off. The market is expected to find some support at $46 but resistance is likely to be present at $50.

Litecoin Prices have declined by 1.17 percent in the last 24 hours to trade at $45.42 and this has been a very bearish market trend. 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 $ 44 level of support. If the prices find support at $46 and stage a recovery, then Litecoin could test the $48.26 resistance level in the near future. On the other hand, if the prices stage a comeback, then Litecoin could retest the $ 50 resistance level.

Litecoin price analysis on a 1-day price chart: LTC/USD finds support at $44.04

Litecoin price analysis on 24-hour indicates that the prices have been trading between a range of $44.04 to $48.26 in the last 24 hours as the trading volume also decreases and it is currently totaling $697,803,529. The digital asset has had a market cap of $3,205,911,049, ranking position 11 on CoinMarketCap’s list. while it dominates with a market share of 2.90 percent. The LTC/USD pair is currently trading at $45.42 and it seems like the prices could continue to decline in the near future as the market is in a bearish trend.

image 274
LTC/USD 1-day price chart, source: TradingView

The technical indicator Relative Strength Index (RSI) is currently at 37.36 and it indicates that the market is oversold as the prices have declined sharply. The moving averages are also indicative of a bearish trend as the 50-day MA has crossed below the 200-day MA. This indicates that the market is in a bearish trend in the near future. The MACD is also in the bearish zone as the signal line has crossed below the MACD line.

LTC/USD on a 4-hour price chart: Recent developments and further technical indications

On the 4-hour price Litecoin price analysis chart, it can be seen that the prices have been trading in a downward trend as they have declined below the $50 level. The market is currently facing some selling pressure as the prices look set to continue their downward trend. The market on the 4-hour price chart is in a bearish trend as the prices have declined below the moving averages. The MA 50 has moved below the MA 200 which is a bearish indicator.

image 275
LTC/USD 4-hour price chart, Source: TradingView

The MACD is also in the bearish zone as the signal line has moved below the MACD line. It can be seen that on the 4-hour price chart, the prices have declined sharply and are currently trading below the $50 level. The Relative strength index is currently at 37.11 and it indicates that the market is oversold as the prices have declined sharply in the last few hours.

Litecoin price analysis conclusion

Litecoin price analysis indicates LTC/USD pair has entered a bearish trend as the prices have declined below the $50 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.
joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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