Litecoin price analysis is currently bearish as the market slides below $50.86. This comes after a period of consolidation around this price level. The bears now seem to be in control as they push LTC/USD prices toward support at $50.44. The Litecoin market has been in a consolidation phase over the last few days as it trades between $48.00 and $51.00 levels. The digital asset is currently trading at $50.86 and is down by over 0.90% on the day. The market cap for LTC is currently at $3.6 billion and the 24-hour trading volume stands at $262 million.
Litecoin price analysis on a 1-day price chart: Bears take control as LTC/USD breaches key support at $50.44
The daily price chart for Litecoin price analysis confirms a strong bearish trend for the market today as the price covered a downward movement in the past 24 hours. The current market conditions for LTC/USD seem to be bearish in the short term but a breakout from the current consolidation range could see the market make a move toward the $50.44 mark.
The MACD indicator is currently in the bearish zone as the signal line moves below the candlesticks. The RSI indicator for LTC/USD is currently at 44.68 and is heading towards oversold levels which could see bulls make a comeback soon. The upper Bollinger Band is currently at $52.80 and the lower Bollinger Band is at $50.91. The LTC/USD price is currently very close to the lower Bollinger Band which could see a rebound in prices soon.
LTC/USD 4-hour price chart: Price action is expected to remain bearish
The 4-hour price chart for Litecoin price analysis shows that the market has been in a bearish trend for the last 4-hour. The market had attempted to make a move toward $51.00 but was unable to sustain this level and fell back below $50.86. The current market conditions for LTC/USD are bearish as the price is trading very close to key support at $50.44.
The market is expected to remain bearish in the short term as the MACD indicator is moving below the signal line which is a bearish sign. The Relative Strength Index indicator is moving toward oversold levels which could see the market make a move towards $51 in the near future. The Bollinger Bands for LTC/USD are currently very close to each other which indicates that the market is in a state of consolidation.
Litecoin price analysis conclusion
Litecoin price analysis confirms that the price has undergone a severe decline during the day. The LTC/USD price is now touching the $50.86 mark, which is the lowest and it can be expected that it will move down to further lows in the approaching hours. However, the price has reached the support zone, and there are chances that the price may bounce back from here if buyers’ support comes into play.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-10-16/