Litecoin price analysis shows a bearish trend for LTC prices after bearish pressure sent prices below the $85.43 support level. The LTC/USD pair is now trading at $85.22 and is facing strong resistance at the $85.58 level. The next support level for Litecoin prices is at $85.40, which is likely to be tested in the near term as bearish pressure continues to mount on the LTC/USD pair. The market is facing a sell-off pressure as the US Dollar Index continues to rise. The Litecoin market is expected to remain under pressure in the near term as the bearish trend persists.
Litecoin price analysis on the daily chart: Bears mount pressure as LTC prices plummet
Litecoin price analysis on a daily timeframe indicates the prices are in a declining trendline since the beginning of this month. The LTC/USD pair has been on a downtrend as it failed to break out of the descending triangle formation. The LTC prices have fallen below the $85.43 support level and are now trading at $85.22. The next support level for Litecoin prices is $85.40, which is likely to be tested in the near term. The LTC prices are facing strong resistance at $85.58, and a break above this level is required for the prices to resume the uptrend.
The RSI indicator is currently at 33.09 and is showing no signs of a reversal. The MACD indicator is also in bearish territory as Litecoin prices continue to decline. The EMAs are also bearish as the prices are trading below the 20-day EMA and the 50-day EMA. The trading volume for LTC/USD pair is at $896,994,550.33 and is showing no signs of a reversal as the market capitalization plummets to $6.0 billion.
The Litecoin market is expected to remain under pressure in the near term as the bearish trend persists. The LTC/USD pair is likely to test the $85.40 support level in the near term before any further upside
Litecoin price analysis on 4-hour chart: LTC/USD pair at risk of further losses
Litecoin price analysis on a 4-hour timeframe shows that the LTC/USD pair is trading in a downtrend after bearish pressure sent prices below the $85.43 support level. The LTC/USD pair is now trading at $85.22 and is facing strong resistance at the $85.58 level. The next support level for Litecoin prices is at $85.40, which is likely to be tested in the near term as bearish pressure continues to mount on the LTC/USD pair. The market is facing a sell-off pressure as the US Dollar Index continues to rise
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Looking at the technical indicators, the RSI line is headed downwards as it rests at the 41.80 level, showing no signs of a reversal. The MACD indicator is also in a bearish territory as Litecoin prices continue to decline, with the MACD line (blue) below the signal line (red). The 50-day EMA is bearish as it is below the 20-day EMA, signaling that the path of least resistance is to the downside.
Litecoin price analysis conclusion
In conclusion, Litecoin price analysis shows that the LTC/USD pair is likely to continue its downtrend in the near term as bearish pressure mounts on the market. The next support level for LTC prices is likely to be $80.0 if the bears continue to exert pressure on the market. However, if the bulls manage to push prices above $85.58, Litecoin prices could resume the uptrend.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-05-09/