Litecoin price analysis shows that the bears have bled out more than 25 percent of the asset’s price action and the sell-off shows no sign of stopping anytime soon. The overall digital assets are in a severe blood bath as most of the altcoins are declining alongside the major coins Bitcoin and Ethereum. Litecoin is currently trading at $51.61 after opening the daily trading session at $70.87.
The intraday high was formed at $71.09 and the bears pulled the prices down to form the intraday low of $51.54. The 24-hour trading volume is $2.1 billion, and the LTC market capitalization is now at $4.0 billion as it lost $1.02 billion in value in the last 24 hours. Litecoin is currently ranking position 21 overall as it dominates 0.35 percent of the digital assets market.
Litecoin price action on a 1-day price chart: LTC/USD pair faces massive sell-off
The LTCUSD pair is extremely bearish and it looks like the prices might decline further towards $50.00 levels soon. The RSI indicator is currently very close to the oversold territory, which means that there might be some consolidation present in the market soon. The MACD indicator is very bearish as the signal line is above the MACD line, which indicates that the path of least resistance is to the downside. The ADX indicator is currently showing that the bears have taken complete control of the market as the +DI line has crossed below the -DI line.
The prices found support at the $56.30 level and if this level is breached to the downside, then prices might decline towards the $54.00 level soon. The immediate resistance present for the LTCUSD pair is at the $58.00 and $60.00 levels. Above these levels, resistance is present at the $62.00 and $64.00 levels.
The bears are currently in control of the LTC market and if the prices sustain below $60.00, then a further decline towards $54.00 might be seen soon. On the other hand, if the bulls can push the prices above $64.00, then an upside movement towards $70.00 levels might be seen. The digital assets market is in a free fall at the moment and it looks like the prices might decline further in the near term. The market volatility is very high as the Bollinger bands are stretched outwards.
Litecoin price analysis on a 4-hour price chart: Extreme bearish pressure present as prices crash below $60.00
Litecoin price analysis on a 4-hour price chart shows a declining market sentiment and seems to decline further with the increased selling pressure. The bulls are not able to defend the immediate key support levels present at $60.00 and $58.00.The RSI indicator is currently showing extremely bearish pressure as it is well below the 40.00 level. The MACD indicator is currently in the bearish zone as the signal line is above the MACD line, which indicates that the path of least resistance is to the downside. The ADX indicator line is on the rise, which indicates that the bears have taken complete control of the market and might push prices lower in the near term. levels might be seen soon.
The major support levels present for the LTC/USD pair are $57.00, $56.00, and $54.00 levels. The immediate resistance present for the LTCUSD pair is at the $60.00 and $62.00 levels. Above these levels, resistance is present at the $64.00 level. The current selling action on the market has seen the market volatility for LTC increase and the same might sustain in the near-term as indicated by the extremely widened Bollinger bands. The LTC market might see some consolidation soon as the prices are currently well below all the moving averages on the 4-hour chart.
Litecoin price analysis conclusion
Litecoin price analysis reveals the cryptocurrency is in a free fall with the intensifying selling action in the market. The LTC market might see some consolidation soon as the prices are currently well below all the moving averages on the 4-hour chart. The Bollinger bands are extremely widened, which indicates increased market volatility in the near term. The digital assets market is in a free fall at the moment and it looks like the prices might decline further in the near term.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-05-12/