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Litecoin price analysis: Price levels down to $60.05 as bearish pressure prevails

Litecoin price analysis
TL;DR Breakdown
  • Litecoin price analysis shows a bearish market trend
  • LTC prices have sought support at $59.86
  • Resistance for LTC/USD is present at $63.78

Litecoin price analysis shows that the market is bearish as prices have crashed below $63. After a week-long consolidation phase near $60, the bears took control and pushed Litecoin prices below the key support at $59.86. The LTC/USD pair has found some buying interest near $60.05 but the bulls are struggling to keep prices afloat.

The next few hours are critical for Litecoin as a break below $60.05 could see prices crash all the way to $57. On the other hand, a move above $60.05 would invalidate the bearish setup and open up upside potential towards $62. The Litecoin price has decreased by 5.54 percent in the last 24 hours. The market cap of Litecoin is currently $4,257,985,765 with a 24-hour trading volume of $383,958,600.

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LTC/USD 1-day price chart: Bears are adamant as they push prices below $60.05

The 1-day Litecoin price analysis chart shows that the market is bearish as the bears have taken control after the buyers failed to push prices back above $63.78. The LTC/USD pair has found some buying interest near the key support at $59.86 but the bulls are struggling to keep prices afloat in the near term while the Resistance at $63.78 looms large.

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LTC/USD 1-day price chart. Source: Tradingview

The RSI indicator on the 1-day chart is currently in the oversold territory as it trades near 30 levels. The MACD indicator has also given a bearish crossover as the signal line moves above the histogram. The Bollinger band is below the candlesticks, which indicates that the market is bearish in the near term.

LTC/USD on a 4-hour price chart: Price sitting near $60.05

The 4-hour Litecoin price analysis chart shows that the market is bearish as prices have crashed below the key support at $59. 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 MACD indicator on the 4-hour chart is currently in the bearish zone as the signal line is below the histogram.

image 73
LTC/USD 4-hour price chart. Source: Tradingview

The Relative Strength Index indicator on the 4-hour time frame is currently trading below the 50 levels, which indicates that the market is bearish in the near term. The market is bearish in the near term as the prices have declined below the key support at $59. The Bollinger Bands on the 4-hour chart are currently in a bearish trend as the prices have declined below the moving averages. The investors are advised to wait for a breakout above the $52 level before entering any long positions in the market.

Litecoin price analysis conclusion

Litecoin price analysis indicates LTC/USD pair has entered a bearish trend as the prices have declined below the $63 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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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