Litecoin price Analysis shows that LTC prices have fallen sharply, losing nearly 4.5% of their value. The decline was likely due to a breakout of the bearish trendline on the 4-hour chart, disabling the short-term bullish setup. Currently, there is strong support around $ 56.0, below which the price could grow towards the $ 50.0 level.
There was a general market crash witnessed over the weekend, which also affected Litecoin. The LTC price is currently trading at $ 57.25 and it looks like the sale isn’t over yet. The market is still very volatile and many things can happen in the short term. LTC has a total trading volume of $ 640,744,866.31 and is currently ranked 20th in the market.
Litecoin Price Analysis: Technical Analysis
Litecoin price According to the analysis, LTC prices are currently on a downtrend, and losses could rise to the $ 50.0 level if the current support around $ 56.0 is violated. On the downside, the closest support levels are $ 55.0 and $ 50.0, and on the positive side, the main resistance levels are seen at $ 60.0 and $ 62.0. Daily chart. The RSI is currently trading in the bearish territory below the 50th level, further supporting the short-term bearish outlook for Litecoin prices.
Litecoin price Analysis has shown that prices have traded in the range of $ 56.0 to $ 60.0 over the past few days, but a breakout from any of these levels is required for a clear directional bias in the market. .. Moving averages are currently flat and do not provide a clear trading signal in the market. For example, a 20-day SMA is currently trading at $ 58.0, while a 50-day SMA is just below this level at around $ 57.5. Overall, technical indicators do not provide a clear trading signal in the market, and a breakout from the current range is needed for a clearer market direction to emerge.
Litecoin Price Analysis on 4-Hour Price Chart: Bearish Entrainment Patterns
Litecoin price analysis on the 4-hour chart shows that the price fell below $ 60.0 support after a bearish entanglement pattern was formed on the chart. The price is currently around $ 56.0 and we are testing the next support. This can give the bear some rest in the short term if violated.
The LTC / USD 4-hour price chart shows that the price has fallen below the support of the bullish trendline. This will disable the short-term bullish setting. Prices are currently trading below the $ 60.0 level and could increase losses to the $ 56.0 level in the event of a breach of current support. Conversely, bulls need to move above the $ 60.0 level to dominate the market. The main resistance levels are seen at $ 60.0 and $ 62.0, but on the downside, the support levels are seen at $ 56.0 and $ 50.0.
Current market sentiment is bearish as shown by the MACD histogram, which is currently trading below the zero line. The RSI is also trading in bearish areas below the 50th level, indicating that prices may continue to fall in the short term. The 4-hour chart Bollinger Bands is currently in the process of contracting, which indicates that the market volatility is currently low.
Conclusion of Litecoin Price Analysis
Litecoin price analysis shows that the market has been trading in a narrow range over the past few days and needs a breakout to reveal a clear market direction. Technical indicators do not provide a clear trading signal in the market and prices may continue to fall if the current support around $ 56.0 is violated.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com We are not responsible for any investment made based on the information provided on this page. Independent research and / or consultation with qualified professionals is highly recommended before making an investment decision.