Litecoin price analysis: Bearish cycle reduces LTC value to $54.96

Litecoin price analysis shows that the coin is in a bearish trend as it has been trading below the $55 mark for the past few days. However, prices have found some support at $53.64 and are currently trading around $54 mark.

The coin is facing resistance at $55.63, and a break above this level is needed for the bulls to take control. The next level of resistance is at $57.50, which is also the high of the recent range. Above this, Litecoin’s price will target $60 levels.

On the downside, support is seen at $53.64 and a break below this level can drag the price lower to $52.50 levels. The overall market sentiment is bearish, and a break below $52.50 can push Litecoin’s price towards the $50 mark.

Litecoin price analysis for 1-day: LTC/USD pair is currently trading at $54.96

The daily Litecoin price analysis shows that the LTC/USD has been following a downtrend last 24 hours as the price has formed lower highs and lower lows. The price has reduced by 1.57% in this period. The Market cap is currently at $3.4 billion and the 24-hour volume is at $826 million.The LTC bulls have been trying to push the prices up but have been failing as the bears continue to put up a strong fight.

LTC/USD 1-day price chart. Source: TradingView

The MACD is also showing some bearish traits as the signal line is above the histogram and the MACD line. The RSI for the LTC/USD pair is currently at 51 which shows that the Litecoin price is in the oversold area of the market. The 50-day and 200-day moving averages are both sloping downwards which is a bearish sign for the LTC market.

Litecoin price analysis for 4 hours: Bears take control

The 4-hour price chart for Litecoin price analysis shows that the market was trading in ascending parallel channels but the bears have broken out of that pattern as they push the prices down.

LTC/USD 4-hour price chart. Source: TradingView

The LTC/USD pair is currently trading below the moving averages which is a sign that the bears have taken control of the market. The MACD line is also below the signal line which is another bearish sign. The Relative Strength Index for the LTC/USD is currently below the 50 level which is a sign that the market is in bearish territory.

Litecoin price analysis conclusion

Litecoin price analysis suggests, that the bulls seem unable to hold an impactful momentum after Litecoin surged to highs of $54.96. The cryptocurrency currently finds itself at a critical point as it is testing the lower boundary of a descending triangle pattern, and a break below this level could lead to further declines in Litecoin price.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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