The Litecoin price analysis for today shows LTC is in a downtrend as the price has slipped below $61.52 support. There is still some support present at $60 but if that breaks, prices could head towards $58.57. On the upside, resistance is present at $65.33 which is likely to cause a rejection in prices.LTC/USD fell below the key support at $61.52 on Wednesday as bears staged a minor comeback. The Litecoin price is now trading at $60.70, which is slightly below the intraday high of $61.22.
The LTC/USD pair is currently in a bearish trend as the price has slipped below the key support at $61.52.The LTC/USD pair is currently trading at $61.52 and is down by 1.95 percent on the day. The market capitalization of the coin stands at $3.73 billion and its trading volume over the past 24 hours is $4.3 billion.LTC prices are in a bearish trend as they have slipped below the key support at $61.52. The trading volume for LTC price is currently at $552,958,562.06 currently ranks position 20.
Litecoin price analysis: Technical analysis
Litecoin price analysis indicates the LTC/USD pair has been trading between a range of $66.89 and $58.57 over the past week. The pair is currently trading close to the lower end of the range at $60.70.The upper band of the range is at $66.89 and the lower band is at $58.57. The LTC/USD pair is likely to continue trading between these levels in the near term.
The 50-day moving average is currently at $62.80 and the 200-day moving average is at $68.04. These are both sloping downwards, indicating that the bearish trend is likely to continue in the near term.
The MACD indicator is currently in bearish territory as the MACD line is below the signal line. The RSI indicator is also in the bearish territory as it is currently at 37.89. The market volatility is relatively high as the Bollinger bands are starting to widen.
Litecoin price analysis on a 4-hour price chart: LTC/USD faces rejection at $65.33
The Litecoin price is currently facing rejection at the $65.33 level, which is the upper band of the range that the LTC/USD pair has been trading in over the past week. If prices break above this level, it could head towards the next resistance level at $66.89. On the downside, support is present at $60 and if prices break below this level, it could head towards the lower band of the range at $58.57.
The SMA line of the LTC/USD is currently at $64.50, which is close to the upper band of the range. The EMA line of the pair is currently at $63.47, which is also close to the upper band of the range. The MACD line is currently in bearish territory as it is below the signal line. The RSI indicator is also in the bearish territory as it is currently at 36.53. The market volatility is currently relatively high as the Bollinger bands are starting to widen.
Litecoin price analysis conclusion
The Litecoin price analysis shows that LTC/USD is currently in a downtrend as the price has slipped below the key support at $61.52.The bears are, however, unlikely to have the upper hand for long as the price is currently trading close to the lower end of the range. The market volatility is also relatively high, which could see some wild swings in prices in the near term.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-06-09/