Litecoin price analysis indicates LTC prices opened today’s trading session in a bullish bias trend as bears and bulls battle for price control. The prices have been fluctuating around $69-$70 in the last few hours, with bulls struggling to enter the $70 handle. The current market sentiment for Litecoin is bullish as price action shows a higher low being formed at $67.10. The market is in a dynamic state with both sides showing strength with LTC prices exchanging hands at $69.23.
The market sentiment for Litecoin is currently bearish as the price action shows a higher low being formed at $67.10. The main support levels are $67.10 and $66.00 while the main resistance levels are $71.06 and $72.50. Litecoin prices are likely to continue trading in a consolidative manner until a definitive breakout occurs. A breakout above $71.06 could see prices testing $72.50 while a breakdown below $67.10 could see prices falling to $66.00 in the near term.
Litecoin price movement in the last 24 hours: Support at $67.10 tested
The Litecoin market has been bearish in the last 24 hours as prices have dropped from $70.71 to $69.17, representing a 0.58 loss in value. The market is currently trading close to the support level at $69.00 and a further decline could see prices testing $67.10. The trading volume is currently at $2.8 billion and the market is currently in a consolidation phase as the digital asset occupies 0.39 percent of the overall digital assets market.
The Litecoin market is expected to remain bearish in the short term as prices continue to struggle below the $70 handle. The technical indicators show the RSI line is currently residing on the 50 levels, signaling no major momentum in the market. The MACD indicator is currently in a bearish crossover as the signal line is above the histogram. The Bollinger bands are extremely wide on the daily timeframe, indicating a high volatile market due to the recent market action.
LTC/USD 4-hour price analysis: Bears in control
Litecoin price analysis in the four-hour chart indicates the bears seem to be winning the battle as the prices have been on a constant decline since yesterday. The market opened yesterday’s trading session at $70.71 and is currently trading close to the important support level at $69.00. The digital asset has formed a descending channel pattern and a breakdown below the $69.00 handle could see prices declining towards the $67.10 level. The main resistance levels are $70.71 and $71.06 while the main support levels are $69.00 and $67.10.
The technical indicators on the four-hour timeframe show the Relative Strength Index line is currently residing on the 50 levels after a bearish crossover. The RSI line is currently showing neutral momentum in the market. The prices are in a critical juncture as a breakdown below $69.00 could see prices falling towards the $67.10 level. The MACD indicator is currently in a bearish crossover as the signal line is above the histogram. The market volatility is currently low as the Bollinger bands are becoming extremely thin.
Litecoin price analysis conclusion
Today Litecoin price analysis shows a bearish market sentiment. However, the bulls have been trying to strike back as prices find support just below the $69.00 handle. The digital asset is expected to remain bearish in the short term as it struggles to break out of the descending channel pattern. The market is likely to continue trading in a sideways manner until a definitive breakout occurs. A breakout above $70.71 could see prices testing $71.06 while a breakdown below $69.00 could see prices falling to $67.10 in the near term.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-05-21/