Litecoin price analysis: Price devaluates up to $55.58 mark after bearish slide
Support for LTC/USD is quite stable at $55.17
Litecoin price is facing resistance at $60.27
The Litecoin price analysis shows a bearish trend for today. The bears have taken over the price charts once again and have reduced the price level to 55.58, as market sentiment is bearish towards LTC/USD. Selling pressure came in at the start of today’s trading session, but the trend remained undetermined during the first four hours, and after that, bears outplayed the bulls. The price trend line shows a downward curve from yesterday,low at the $60.27 level.
LTC/USD 1-day price chart: Bearish swing lowers price to $55.58 boundary
The 1-day price chart for Litecoin price analysis shows the price breakup was downwards today and continues to go down as of now, and the LTC/USD pair is trading hands at $55.58 at the time of writing. The price trend was downwards from yesterday’s, and today the price seems to be sliding sideways. The trading volume is currently at$549 million and the market cap is at $3.9 billion, and overall the coin is at a loss of 7.67 percent in the last 24 hours.
Source: Trading view
The RSI indicator is currently at 53.67, and it is rising, which signals that the current downtrend might see a reversal soon, but for now, the market sentiment remains bearish. The MACD indicator is bearish as the signal line is above the candlesticks, and the bulls need to take control soon to turn this around. The 50 SMA is currently at $56.34 and the 200 SMA is at $58.97, which shows that the path of the least resistance is downwards as the 200 SMA is well above the current market price.
Litecoin price analysis: LTC/USD value steps up to $55.58 after revival
The 4-hour price chart for Litecoin price analysis shows a continuous degradation of price, and no considerable bullish effort has been observed today. The bulls and the bears have constantly been interchanging the leading position, but as of now, the bears are in charge. The market is expected to be quite volatile today as the price levels are close to a major support level.
Source: Trading View
The volatility is declining, which indicates that future market trends might turn out to support cryptocurrency buyers. If we discuss the SMA, the short-term 50 SMA is well below the current market price, which suggests that the market might see some resistance around the $60.27 level. On the other hand, if we look at the long-term 200 SMA, it is well above the current market price and might act as a major support level in case of a bearish breakout. The Relative Strength Index (RSI) score has dropped to 42.74 due to the downward tendency shown by the price. The MACD is looking quite bearish, and it seems like the market is losing its bullish momentum.
Litecoin price analysis conclusion
Looking at the Litecoin price analysis, it can be said that the market is currently under a bearish spell and a downward breakout might take place if the bears continue to dominate the market. The major support and resistance levels are $55.17 and $60.27 respectively. A bearish close below the $55.17 mark might result in a downtrend towards the $50 level, and a break above the $60.27 mark might result in an uptrend towards the $70 level.
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