Litecoin price goes sideways and below $55

In the previous week, Litecoin price experienced about twenty-six percent (26%) decreases, following the crypto market’s prevailing plunge. The cryptocurrency witnessed yet another three percent (3%) decline that led the price to fifty-five dollars ($55).

Although the current situation seems bleak, however; Litecoin is still holding it firm against Bitcoin. Through the latest phase of instability, it has moved sideways. Litecoin (LTC) is now the sixth-largest digital currency now, with the market cap of a little over three billion dollars ($3.49B).

Litecoin price movement: What to expect?

Litecoin price plummeted violently against the USD. The currency fell low as much as fifty dollars ($55) before rebounding higher. Now LTC is trading at the support level provided at fifty-five dollars ($55) mark.

In case of bulls breaking fifty-five dollars ($55), resistance lies at a little over fifty-six dollars ($56.60), a little over fifty-nine dollars ($59.27), sixty dollars, sixty-three dollars and a little over seventy dollars ($70.82).

Above a little over seventy-four dollars ($74.82), greater resistance lies at eighty dollars, a little over eighty-five dollars ( $85.65) and ninety dollars.

Litecoin price chart 1Litecoin price chart by Trading View

The closest level of support is at fifty-four dollars ($54) mark. Below this, the support is located at a little over fifty-one dollars( $51.84), fifty dollars, a little over forty-seven dollars ( $47.60) and forty-five dollars ($45) marks. In case the LTC price drops below forty-five dollars ($45), support at a little over forty-two dollars ($42.63) can be expected.

During the past days, a period of aggressive selling prevailed that increased the trade volume. To overbuy the situation, RSI plummeted, and this indicates that the sellers are controlling the market momentum completely.

Although the Stochastic RSI created a bullish signal which indicated a potential recovery, however, there is an interesting bearish sign to be noticed on the (100) hundred-day EMA crossing beneath the two-hundred EMA, and that is called ‘ death cross.’ This could be a sign of bearish trend for the longer-term.