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Litecoin price analysis: Bearish trend causes price depression up to $55.85

Litecoin price analysis
TL;DR Breakdown
  • Litecoin price analysis shows a bearish trend
  • Support for the price is present at $54.33
  • LTC/USD is facing resistance at $58.51

Litecoin price analysis reveals that the price has been on a bearish trend for the last 24 hours. The cryptocurrency fell from the highs of $63.51 to the lows of $55.85. This move caused the price to lose about 12% in value and fall below the $60 mark. The LTC/USD pair is currently trading at $55.85 and is facing resistance at $58.51, and a break above this level is required for any further bullish move.

image 385
Cryptocurrencies price heatmap, Source: Coin360

The market capitalization has also fallen and it is currently at $3,941,403,096 billion. The 24-hour trading volume is also down to $478,377,347, which is a sign that the market is not very active at the moment. The buyers will need to push the price above the $58.51 resistance in order to resume the uptrend. The next target for the bulls would be the $60 level.

LTC/USD 1-day price chart: Bears are adamant as they push prices below $51.85

Litecoin price analysis shows that the price has formed a descending triangle pattern and is currently trading at the bottom of the pattern. The LTC/USD pair is likely to see a breakout to the downside in the near future. The cryptocurrency has been on a bearish trend for the 24-hours and is likely to continue on this path in the near future. The next support level for the price is present at $54.33, and a break below this level could see the price fall towards the $50 mark in the short term.

image 386
LTC/USD 1-day price chart. Source: TradingView

The RSI indicator on the 1-day chart is currently in the oversold territory, which is a sign that the bears are in control of the market at the moment. The MACD indicator is also bearish and is currently declining. The Bolinger bands are also widening, which is a sign of increased market volatility.

LTC/USD on a 4-hour price chart: Price sitting near the $54.33 support level

The 4-hour Litecoin price analysis indicates that the bearish momentum has resulted in a further decline in the price value. The price has dropped to $55.85 after overcoming the advancements coming from the bullish side. As bulls also showed good performance during the day but eventually, bears outperformed them.

image 388
LTC/USD 4-hour price chart. Source: TradingView

The bearish momentum is to intensify in the upcoming hours, as the Bollinger bands are above the candlesticks showing higher pressure on the market. The MACD indicator is below the signal line as the bearish move is likely to continue in the short term. The RSI indicator on the 4-hour chart is currently at 54 and is not showing any clear sign of a reversal at the moment.

Litecoin price analysis conclusion

To conclude, Litecoin price analysis indicates that LTC/USD pair has entered a bearish trend as the prices have declined below the $60 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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