- Litecoin trend analysis struggles to come out of bear grip post $143 high
- Price is moving in a range-bound manner with no bullish momentum
- LTC/USD corrects lower as rising price channel starts faltering
- Pair can either move higher to $165 or come crashing down under $130 lows
Litecoin price is under bearish grip as the recent correction has extended losses to fresh new lows. The LTC/USD pair is heading under the 55-day simple moving average at $140. At the time of writing, the price has broken past $130 lows and stabilizing near this support region. The absence of any massive bullish buying spree may spark another downtrend.
As per Litecoin trend analysis, the price is unable to find hold around the current support levels. The bullish momentum is missing since the bulls aren’t able to gather enough buying momentum, and each uptick is just proving to be another selling point. Litecoin can drift under $120 if the bearish grip extends further.
Litecoin price movement in the last 24 hours – LTC/USD follows the broader crypto correction
The broader crypto market, including most altcoins, is undergoing a correction of sorts. The BTC/USD has lost close to $7,000 in value. After struggling to move past $150 resistance, the price is now struggling to hold key resistance levels. The bullish path to $160 highs is all but lost in the current bearish scenario.
The LTC/USD pair trades below the $160 level near the 55-day simple moving average at the $140 level. After forming a high near $160 level, the price is now clearly below daily support levels as it falls below $130 on a bearish note. The falling price channel has a large slope, and the Bollinger Bands are also stretching to the lower levels.
The next immediate support lies at $125, and the price may consolidate there to recoup losses. The bulls will have to muster up volumes to ensure that the price stabilizes for another bull run. The immediate resistance lies at $140 and then $152. Both of these pivots will prove to be a central selling point on the hourly charts. Litecoin trend analysis shows that the price must cross $160 to restart the next bull rally on the bullish side indeed.
LTC/USD 4-hour chart – Price struggles to cross $140 zone
The range between $130 to $140 is proving a tough one to crack. After the recent consolidation, it was expected that the price would move higher soon. However, a break lower towards $130 is evident that there is more pain in the Litecoin trend analysis store.
The MACD on the hourly timeframes is well within the negative territory. It will only strengthen the bearish momentum going further into the trade. The RSI is also under 50, showing an underlying selling bias in the price charts. The hourly Litecoin trend analysis shows that the price will find support at $122 and then at $120 pivot.
The selling pressure wave will further intensify if the price closes below the $120 pivot point. At the time of writing, the price has broken below $130 to touch $127 low, which is indicative of the further weakness in the store.
Litecoin trend analysis conclusion – Bears remain in the driving seat
On the daily timeframe, the LTC/USD pair is trading within a range of $170 to $120. The price oscillates between these two extremes and is trying to consolidate higher, but the volumes are missing. The broader crypto market sentiment does support an upward movement, but the price is unable to move higher.
The repeat rejection from $165 resistance on the weekly charts is another long-term bearish sign for the pair. MACD is showing that the bulls are losing momentum since the slope is only getting steeper. Over the next few days, the price will reach inflection at $140 resistance, and bulls will need to defend this level to take over the bears’ price action. Litecoin trend analysis will remain on edge as LTC will likely drift sideways with a bearish bias for the next few days.
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