Litecoin price analysis: LTC falls to $64.00 as bearish pressure persists

TL;DR Breakdown

• Litecoin price analysis suggests stability at the $62-66 price level.
• The closest support level lies at $64.00
• LTC faces resistance at the $65 mark

The Litecoin price analysis shows that the LTC price action has fallen to the $64.00 mark as bears take hold of the market. 

The broader cryptocurrency market observed a negative market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include DOT and SOL, recording an 7.22, and a 5.97 percent decline, respectively.

Litecoin price analysis: LTC returns to $64.00

The MACD is currently bearish, as expressed in the red color of the histogram. Moreover, the indicator shows strong bearish momentum as observed in the deep depth of the histogram. On the other hand, the indicator’s lighter shade suggests that the bearish momentum has started to decline as the price action finds support at the $64.00 mark.  

The EMAs are currently trading below the mean position as net price movement over the last ten days remains negative. However, as the two EMAs start to converge, the 12 EMA has started to show an upwards rotation suggesting an increasing buying potential. At press time, both EMAs are headed downwards suggesting strong selling activity. 

The RSI was trading in the neutral region for some time but it fell to the oversold region yesterday. Now, the index has fallen to the 19.59 unit level where it hovers momentarily. The indicator issues a buy signal at the moment while the horizontal movement suggests a struggle for dominance between the bulls and the bears.

The Bollinger Bands are expanding at the momentum to facilitate the recent bearish movement. However, the price finds support at the $64.00 mark which may enable the bulls to stabilize the price action again. At press time, the indicator’s bottom line provides support at $61.53 while the mean line presents a resistance level at the $70.69 mark.

Technical analyses for LTC/USDT

Overall, the 4-hour Litecoin price analysis issues a sell signal, with 14 of the 26 major technical indicators supporting the bears. On the other hand, five of the indicators supports the bulls showing significant bullish presence in recent hours. At the same time, seven indicators sit on the fence and support neither side of the market. 

The 24-hour Litecoin price analysis shares this sentiment and also issues a sell signal with 13 indicators suggesting a downward movement against only four of the indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while low buying pressure exists for the asset across the same timeframe. Meanwhile, nine indicators remain neutral and do not issue any signals at press time

What to expect from Litecoin price analysis?

The Litecoin price analysis shows that strong bearish momentum enabled the bears to cause a price drop from the $76 level to the $64.00 mark. However, the bulls find short-term support at the level that may make things difficult for the bears. 

Traders should expect LTC to stabilize at the $64.00 price level as a strong support lies at the level. However, the mid-term technicals are strongly bearish suggesting further downwards movement. In case of a bearish breakdown, the next support level lies at $62.00 and then down below at the $60.00 mark.