Litecoin price analysis: LTC/USD bearish as price slips to $55.92

Litecoin price analysis shows that the LTC/USD pair is currently in a bearish trend. The price has slipped below the $55.92 level. The LTC/USD pair will likely find support at the $55.46 level and may rebound from this level. However, if the price falls below the $55.46 level, it could retest the $54.00 support level. On the other hand, if the price rises above the $55.92 level, it could face resistance at the $61.46 level. Above this level, Litecoin’s price could test the $64.00 resistance level.

Litecoin’s price currently trades at $55.92 and is down by 4.09 percent on the day. The LTC/USD pair has a bearish short-term bias while trading below the $61.46 level. The 24-hour trading volume is $3.38 billion and the LTC/USD pair has a market capitalization of $612 million.

Litecoin price analysis on a 1-day price chart: LTC/USD continues downside after facing rejection of $61.46

The 1-day Litecoin price analysis shows that the LTC/USD pair has been on a bearish trend for the last 24 as the price has slipped below the $55.92 level. The LTC/USD pair is following a descending channel pattern after it found resistance at the $61.46 level. The Bulls were not able to push the price above this level.

LTC/USD 1-day price chart, source: TradingView

The technical indications show the prices are trading along with the descending channel support and a bearish reversal pattern is taking shape. The moving averages are currently in a bearish crossover. The MACD is trading in the bearish territory below the signal line. The RSI is currently near the oversold levels and shows no signs of a bullish reversal.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour time frame for Litecoin price analysis is showing that a bearish head and shoulders pattern has formed. A breakdown below the $55.46 level would confirm the formation of this bearish pattern. If this pattern is confirmed, the LTC/USD pair is likely to decline towards the $50.00 level. The overall market sentiment is bearish as most of the major cryptocurrencies are currently trading in the red.

LTC/USD 4-hour price chart, source: TradingView

The 4-hour timeframe shows that the LTC/USD pair is trading below the moving averages indicator. This means that the current trend is bearish. The MACD line is currently in bearish territory, which is a sign that the downside momentum is likely to continue in the near term. The RSI indicator is currently at 46.50 and is showing no signs of a bullish reversal at this stage.

Litecoin price analysis conclusion

Litecoin price analysis in conclusion indicates a market that is currently in a correction phase after the recent bullish move. The market is facing some selling pressure as it is trading below the $55.92 level. The technical indicators are also showing some bearish signs in the near term. If the price falls below the $54.60 level, it could decline towards the $50.00 level.

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