Litecoin price analysis reveals that the cryptocurrency is currently in a bearish trend after a strong sell-off. LTC prices are down by almost 7% in the last 24 hours and are currently trading at the $49.98 mark. The cryptocurrency had earlier found support at $49.67 but was unable to sustain the prices and witnessed a sell-off. The LTC/USD pair is currently facing resistance at $50.85 and a break above this level would result in a move to $51.50.
The Litecoin market has been quite volatile over the past few days as the prices have surged and then dipped sharply. The LTC prices started to fall after failing to sustain the $52 levels and faced strong selling pressure. The market cap of the cryptocurrency is currently at $3.5 billion, and the 24-hour trading volume is $373 million.
LTC/USD 1-day price chart: Litecoin price support is present at $49.67
On 1-day charts, Litecoin price analysis shows that the cryptocurrency is currently in a bearish trend. The bears are currently in control of the market as they have managed to push the prices below the $50 level. The LTC prices are currently facing support at $49.67, and a break below this level would result in a move to $48.50. The upper limit of the Bollinger Band is currently at $52.40, and Conversely, the lower limit of the Bollinger band is $49.17. The Bollinger Band indicator is currently in the sell zone, which indicates that the prices are likely to fall further in the near term.
The MACD indicator is currently in the bearish zone, and the signal line is moving below the histogram. This indicates that the bearish momentum is currently strong in the market. The RSI indicator is currently at 44.85, which indicates that the market is in the oversold zone. A break below the 40 levels would confirm that the market is in a bearish trend.
Litecoin price analysis on a 4-hour price chart: Recent developments and further technical indications
Litecoin price analysis on a 4-hour price chart, we can see that Litecoin price analysis has formed a bearish descending triangle pattern. The LTC prices have made two lower highs at $55.50 and $54.90, and the lows have been formed at $51.60 and $52.10, respectively.
The MACD line (blue) is currently moving below the signal line, which indicates that the bearish momentum is likely to continue in the near term. The RSI indicator is currently at 43.60 and is gradually moving towards the oversold zone, which indicates that the prices are likely to fall further in the near term. The Bollinger bands are currently in the sell mode, which indicates that the prices are likely to fall further.
Litecoin price analysis conclusion
To conclude, Litecoin price analysis shows a decrease in the price today, as the circumstances have proved unfavorable for cryptocurrency. The bears are struggling to maintain a high momentum and have succeeded in causing a decline in the price to the $49.98 range. Yet, as the bullish momentum in the past week had been seen to be reviving, it can be expected that it might bounce back to take the price above the $50 level.
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-2022-07-03/