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Litecoin price analysis: LTC/USD bearish as price slips to $55.92

Litecoin price analysis
TL;DR Breakdown
  • Litecoin price analysis is bearish today
  • LTC/USD support is present at $55.46
  • Litecoin price is facing resistance at $61.46

Litecoin price analysis shows that the LTC/USD pair is currently in a bearish trend. The price has slipped below the $55.92 level. The LTC/USD pair will likely find support at the $55.46 level and may rebound from this level. However, if the price falls below the $55.46 level, it could retest the $54.00 support level. On the other hand, if the price rises above the $55.92 level, it could face resistance at the $61.46 level. Above this level, Litecoin’s price could test the $64.00 resistance level.

Litecoin’s price currently trades at $55.92 and is down by 4.09 percent on the day. The LTC/USD pair has a bearish short-term bias while trading below the $61.46 level. The 24-hour trading volume is $3.38 billion and the LTC/USD pair has a market capitalization of $612 million.

Litecoin price analysis on a 1-day price chart: LTC/USD continues downside after facing rejection of $61.46

The 1-day Litecoin price analysis shows that the LTC/USD pair has been on a bearish trend for the last 24 as the price has slipped below the $55.92 level. The LTC/USD pair is following a descending channel pattern after it found resistance at the $61.46 level. The Bulls were not able to push the price above this level.

image 204
LTC/USD 1-day price chart, source: TradingView

The technical indications show the prices are trading along with the descending channel support and a bearish reversal pattern is taking shape. The moving averages are currently in a bearish crossover. The MACD is trading in the bearish territory below the signal line. The RSI is currently near the oversold levels and shows no signs of a bullish reversal.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour time frame for Litecoin price analysis is showing that a bearish head and shoulders pattern has formed. A breakdown below the $55.46 level would confirm the formation of this bearish pattern. If this pattern is confirmed, the LTC/USD pair is likely to decline towards the $50.00 level. The overall market sentiment is bearish as most of the major cryptocurrencies are currently trading in the red.

image 205
LTC/USD 4-hour price chart, source: TradingView

The 4-hour timeframe shows that the LTC/USD pair is trading below the moving averages indicator. This means that the current trend is bearish. The MACD line is currently in bearish territory, which is a sign that the downside momentum is likely to continue in the near term. The RSI indicator is currently at 46.50 and is showing no signs of a bullish reversal at this stage.

Litecoin price analysis conclusion

Litecoin price analysis in conclusion indicates a market that is currently in a correction phase after the recent bullish move. The market is facing some selling pressure as it is trading below the $55.92 level. The technical indicators are also showing some bearish signs in the near term. If the price falls below the $54.60 level, it could decline towards the $50.00 level.

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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