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Litecoin price analysis: price stumbles at $49.15 due to a bearish takeover

Litecoin price analysis

Litecoin price analysis for today shows a bearish trend. There is strong support for the LTC/USD pair at $48.90 and resistance at $52.44. Litecoin (LTC) price has been on a downtrend over the last two days. The cryptocurrency has lost over 5.51% of its value in the last 24 hours and is currently trading at $49.15. The trading volume has also decreased significantly over the past few days. The trading volume has decreased to $3,514,180,606 while the market capitalization sits at $448 billion.

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Cryptocurrencies price heatmap, Source: Coin360

LTC/USD 1-day price chart: Cryptocurrency value slips back to $49.15 margin

In the 1-day Litecoin price analysis chart, Litecoin price analysis has formed a bearish engulfing candlestick pattern which is a bearish trend reversal pattern. The market followed the bullish trend for the past week, and the bullish momentum intensified yesterday, the coin gained significant value during this time and reached a high of $48.90. However, the market could not sustain the bullish momentum and today prices have dropped below $49.15.

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

The market volatility for the LTC market is seen to be high and the market is likely to experience high volatility in the near future. The Bollinger bands are seen to be closing in which is an indication of low market volatility. The RSI indicator is currently at 45.21 and is moving toward the oversold region. The 50-day moving average is trading below the 200-day moving average which is a bearish indicator.

Litecoin price analysis 4-hour price chart: Recent developments and further technical indications

The 4-hour Litecoin price chart confirms that a downtrend has been taking place for the past few hours. The LTC/USD pair has breached the uptrend line and is currently trading below it. The bears are currently in control of the market but the bulls are trying to make a comeback.

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

The upper Bollinger band is at $52.44 acting as resistance while the lower Bollinger band is at $48.90 functioning as a support. The 50-day moving average is $51.50 and the 200-day moving average is at $50.02 The RSI indicator is currently below the 50 level which is a bearish indicator.

Litecoin price analysis conclusion

The Litecoin price analysis shows that the coin is correcting today and may continue to follow a downtrend for today as the broader cryptocurrency market is bearish as well. The support present at $48.90 is strong enough to keep the crypto afloat above. Another possibility for LTC can be that it may turn completely bullish again in the coming hours, in which scenario, we might observe LTC climbing above the $52.44 level.

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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