The Litecoin price analysis shows that LTC prices have been on a rocky ride over the past few days, with prices swinging between gains and losses. However, the overall trend remains bearish, and prices have now broken below key support levels. The LTC/USD pair is currently trading at around $49., after falling in a steep correction from highs of over $58.
The correction has been swift and sharp, with prices falling by over 9.63 percent from highs of $58. However, the corrective move may not be over yet, as the LTC/USD pair remains at risk of further losses in the near term. Prices have now broken below key support levels at $50 and $52, and are currently testing support at the $49 level. If prices break below this level, the next key support level to watch out for is at $46.
Litecoin price movement in the last 24 hours: Bearish engulfing candlestick pattern
The Litecoin price analysis indicates the prices have followed a declining market trend as more selling pressure is seen in the market. The prices have been trading between a range of $51.26 and $49.14 in the past 24 hours. The LTC/USD pair has formed a bearish engulfing candlestick pattern on the 1-day chart, which is a bearish signal.
The Litecoin prices have been on a corrective move over the past few days after hitting highs of over $58. However, the prices remain at risk of further losses in the near term as the overall trend remains bearish. The next key support level to watch out for is $46.The market volatility is seen to be increasing as indicated by the Bollinger bands which are starting to widen.
The technical indications show that the prices are likely to continue the corrective move in the near term. The MACD is currently in bearish territory, while the RSI is trading near oversold levels. The finnobacci retracement tool also shows that the 23.6% retracement level is acting as a key support level at $49. The next key support levels to watch out for are $47 and $46.
Litecoin price analysis on a 4-hour price chart: LTC prices remain at risk of further losses
The Litecoin price analysis shows the prices are likely to suffer further downtrend as the moving averages are in the bearish crossover. Most of the technical indicators are showing a bearish trend in the market. The RSI is also trading near oversold levels, which indicates that prices may continue to fall in the near term. The next key support levels to watch out for are $47 and $46.The Moving average convergence divergence (MACD) is currently residing in the bearish zone, which is a sign that prices may continue to decline in the near term.
The market volatility is currently high as indicated by the widening of the Bollinger bands. The prices are expected to continue to be volatile in the near term as the market remains bearish. Also, the Parabolic SAR dots are placed above the candles which is a bearish signal and indicates that prices may continue to fall in the near term.
Litecoin price analysis conclusion
To conclude, the Litecoin price analysis shows that the prices are likely to continue the corrective move in the near term as the technical indicators are flashing a bearish trend. The next key support levels to watch out for are $47 and $46. The market volatility is currently high as indicated by the widening of the Bollinger bands, which suggests that prices may continue to be volatile in the near term.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-06-12/