logo

Litecoin price analysis: Bearish trend to continue as price approaches major support of $54.42

Litecoin price analysis

TL;DR Breakdown

  • Litecoin price analysis suggests a bearish trend
  • LTC/USD is trading at the $56.11 mark
  • Litecoin price is facing resistance at $56.37

Litecoin price analysis shows a bearish trend for today. The bears have taken over the price charts once again and have reduced the price level to 56.11, as market sentiment is bearish towards LTC/USD. Selling pressure came in at the start of today’s trading session, but the trend remained undetermined during the first four hours, and after that, bears outplayed the bulls.

Litecoin price analysis 1-day price chart: Bearish swing lowers the price to $56.11 boundary

The 1-day price chart for Litecoin price analysis shows the price breakup was downwards today and continues to go down as of now, and the LTC/USD pair is trading hands at $54.42 at the time of writing. The price trend was downwards from yesterday’s, and today the price seems to be sliding sideways. The trading volume is currently at $453 million and the market cap is at $4.010 billion, and overall the coin is at a loss of 0.44 percent in the last 24 hours.

image 432
LTC/USD 1-day price chart. Source: Tradingview

The RSI indicator is currently at 52.40, and it is rising, which signals that the current downtrend might see a reversal soon, but for now, the market sentiment remains bearish. The MACD indicator is bearish as the signal line is above the candlesticks, and the bulls need to take control soon to turn this around. The 50 SMA is currently at $56.00 and the 200 SMA is at $56.37, which shows that the path of the least resistance is downward as the 200 SMA is well above the current market price.

Litecoin price analysis: LTC/USD value steps up to $56.11 after revival

The 4-hour price chart for Litecoin price analysis shows a continuous degradation of price, and no considerable bullish effort has been observed today. The bulls and the bears have constantly been interchanging the leading position, but as of now, the bears are in charge. The market is expected to be quite volatile today as the price levels are close to a major support level.

image 433
LTC/USD 4-hour price chart. Source: Tradingview

The volatility is declining, which indicates that future market trends might turn out to support cryptocurrency buyers. If we discuss the SMA, the short-term 50 SMA is well below the current market price, which suggests that the market might see some resistance around the $56.37 level. On the other hand, if we look at the long-term 200 SMA, it is well above the current market price and might act as a major support level in case of a bearish breakout. The Relative Strength Index (RSI) score has reduced to 56.09 due to the downward tendency shown by the price. The MACD is looking quite bearish, and it seems like the market is losing its bullish momentum.

Litecoin price analysis conclusion

Looking at the Litecoin price analysis, it can be said that the market is currently under a bearish spell and a downward breakout might take place if the bears continue to dominate the market. The major support and resistance levels are $54.42 and $56.37 respectively. A bearish close below the $54.42 mark might result in a downtrend toward the $53 level, and a break above the $56.37 mark might result in an uptrend toward the $57 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.
Joel Oluwatobi

Joel Oluwatobi

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.

Related News

Hot Stories

Bitcoin sells at a 60% premium in Nigeria as the government shifts to a cashless policy
China's step towards cryptocurrency regulations
ChainLink price analysis: LINK bearish at $7
The Winning Trio for 2023: Flow (FLOW), EOS (EOS), Orbeon Protocol (ORBN)
Porter Stansberry's New Documentary Explains How Two Men Changed the US Economy

Follow Us

Industry News

Bitcoin sells at a 60% premium in Nigeria as the government shifts to a cashless policy
China's step towards cryptocurrency regulations
Read why Floki Inu supply is set to decrease by 4.2 trillion FLOKI tokens
Chinese central bank former exec explains why China is wary of crypto
Binance burns 16m worth of BNB tokens; transitions from the ERC20 version of BNB to BEP2

Add Your Heading Text Here