Litecoin price Analysis shows that LTC / USD tends to be bearish. LTC / USD is up 1.15% from yesterday as it is currently trading at $ 56.78. Litecoin price Is facing strong resistance at $ 59.20 and could fall further to $ 56.11 if bears can push prices below this level. LTC / USD support is $ 56.11 and may provide some relief to LTC bulls in the short term.
Litecoin prices have been trading in the range of $ 56.11 to $ 59.20 in the last 24 hours of trading as the market appears to continue the integration phase. While 24-hour trading volume is currently $ 566 million, Litecoin currently has a market capitalization of approximately $ 3.61 billion.
The market value of cryptocurrencies has been steadily declining over the past few days as it struggles to find real momentum in either direction. The LTC / USD pair broke below the $ 60 level on Sunday, but managed to find support around $ 56.11.
Daily Litecoin Price Analysis: LTC / USD pair is currently trading at $ 56.78
Daily Litecoin price analysis shows that LTC / USD is following the downtrend over the last 24 hours as prices formed lower highs and lower lows. LTC bulls have been trying to push prices up, but they have failed because the bears continue to fight fiercely. The LTC / USD pair is currently trading at $ 56.78, slightly above the $ 56.11 support. The LTC Bulls need to make a strong move to bring the price back above $ 60.
MACD also shows a bearish feature because the signal line is above the histogram and MACD line. The RSI of the LTC / USD pair is currently 41, indicating that Litecoin prices are in the oversold territory of the market. Both the 50-day and 200-day moving averages are on a downtrend, a bearish sign of the LTC market.
4-hour Litecoin Price Analysis: Bear Dominates
A four-hour price chart in Litecoin Price Analysis shows that the market was trading on rising parallel channels, but bears broke out of that pattern as they pushed down prices.
The LTC / USD pair is currently trading below the moving average. This shows that bears dominate the market. The MACD line is below the signal line, which is another sign of bearishness. The LTC / USD Relative Strength Index is currently below the 50 level, indicating that the market is in a bearish territory.
Conclusion of Litecoin Price Analysis
According to Litecoin price analysis, the Bulls will not be able to maintain their influential momentum after Litecoin soars to a high of $ 59.20. Cryptocurrencies are currently at an important point as they are testing the lower bound of the downward triangle pattern, and below this level, Litecoin’s price could fall further.
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