Litecoin price analysis shows LTC prices stepped up to $68.10 after rejection at $70, indicating that the market is in bearish sentiment.LINK prices are down by 5.30 percent at the moment, pulling LTC prices lower. Nevertheless, LINK prices have found some support at $65.18 and we expect the market to consolidate around this level in the near term.
Litecoin price analysis indicates LTC/USD slipped below the key support at $65.18 after failing to sustain the uptrend above $70. The price is now trading close to the ascending triangle lower trend line. A breakout and a close below this level could trigger a further decline towards $45.
Litecoin price analysis on a daily chart: Bears adamant in pushing prices lower
The Litecoin market has been in a clear downtrend since the closure of yesterday’s trading session. The LTC/USD pair has formed lower highs and lower lows, indicating bearish momentum in the market. The prices have been oscillating around the $65.00 handle for the past few hours, but the bears have been successful in pushing prices lower. The Relative Strength Index (RSI) is currently trading at 37.97 and is well below the 50 level, which indicates that bearish momentum is still strong in the market.
Litecoin price analysis shows the trading volume for LTC has been declining over the past few days which is presently totaling $773,592,469.54.The market cap for LTC/USD pair is at $4.7 billion, dominating 0.38 of the entire cryptocurrency market as it ranks position 19 overall. The current sell-off in the market is attributed to the current market sell-off as indicated by the Bollinger bands which seem to be widening.
The MACD on the daily chart is currently placed below the zero line, which indicates that bearish momentum is still strong in the market. The prices are likely to find support at $65.18, which is the ascending triangle lower trend line. A break below this level could trigger a further decline toward $60.
Litecoin price action on a 4-hour price chart: Support at $65.18
The LTC/USD pair is trading in a downtrend on the 4-hour chart. The prices have formed lower highs and lower lows, indicating bearish momentum in the market. The price action is currently trading below the $70 handle and is approaching the key support at $65.18. A break below this level could trigger a further decline toward $45.
The RSI line is currently located in the oversold region on the 4-hour chart, which indicates that the market is currently oversold while the MACD line is seen to be crossing the red signal line from above. This indicates that bearish momentum is currently strong in the market. The moving averages are presently placed below the candlesticks, which is a bearish sign. The Bollinger bands are seen to be contracting, which indicates that the market is likely to experience a period of low volatility.
Litecoin price analysis conclusion: LTC/USD could decline toward $60
Litecoin price analysis shows that the market is in a clear downtrend and prices could decline toward $60 if the bears are successful in breaking below the key support at $65.18.The bulls have come out to defend the key support as bears have been struggling to push prices lower. The market is currently consolidating around the $65.00 handle and a breakout of this level could set the tone for the next move in the market.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-05-20/