Litecoin price analysis shows a bearish trend for LTC prices after bearish pressure sent prices below the $80.0 support level. The LTC/USD pair is now trading at $79.49 and is facing strong resistance at the $84.62 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 prices have been oscillating between the $78.17 and $84.62 levels since the last week of May. The current bearish momentum is likely to push prices below the $79.32 level in the near term as the sell-off pressure intensifies. The stochastic indicator is in oversold levels, indicating a possibility of a bearish crossover which could push prices lower in the near term.
The RSI indicator is currently at 42 levels and is pointing towards further bearishness in the LTC/USD market. The MACD indicator is currently in the bearish zone and is likely to witness a bearish crossover in the near term which could push prices lower. The EMAs are also bearish as the prices are trading below the 20-day and 50-day moving averages.
Litecoin price analysis on 4-hour chart: LTC/USD pair at risk of further losses
Litecoin price analysis on a 4-hour timeframe is bearish as the cryptocurrency tests support $78.0. The LTC/USD pair is currently trading at $79.48 after a bearish close below the $84.0 level on April 29. The prices have been consolidating in a descending channel since then and are likely to remain range-bound in the near term as the sell-off pressure increases on the market.
The stochastic indicator is in the oversold levels, suggesting a bearish crossover that could push prices lower. The RSI indicator is currently at 42 levels, indicating further bearishness in the LTC/USD market. The MACD indicator is currently in the bearish zone and is likely to witness a bearish crossover in the near term, which could push prices lower.
Litecoin price analysis conclusion
To sum up, the price analysis is bearish in the near term as the market remains under pressure. The LTC/USD pair is currently trading at $79.52 and is facing strong resistance at the $84.62 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.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-05-11/