Litecoin price analysis shows that LTC/USD is in a bearish trend. The LTC/USD has decreased by 7.13 percent since yesterday as it currently trades at $52.04. Litecoin price is facing strong resistance at $56.59 and if the bears can push the prices below this level, we can expect a further decline towards $50.43. Support for LTC/USD is present at $50.43, and if the bulls can push the prices above this level, we might see a minor rebound towards $54.23.
Litecoin prices have been trading between a range of $50.43 and $56.59 over the past 24 hours of trading as the market looks to continue its consolidation phase. The 24-hour trading volume currently sits at $742 million, while the Litecoin market capitalization is now around $3.70 billion. The cryptocurrency’s market value has been on a steady decline over the past few days as it struggles to find any real momentum in either direction.
Litecoin price analysis for 1-day: LTC/USD pair is currently trading at $52.02
The daily Litecoin price analysis shows that the LTC/USD has been following a downtrend last 24 hours as the price has formed lower highs and lower lows. The LTC bulls have been trying to push the prices up but have been failing as the bears continue to put up a strong fight. The LTC/USD pair is currently trading at $52.02 which is just slightly above the support at $50.43. The LTC bulls will need to make a strong move in order to take the prices back above the $62 level.
The moving average (MA) value is still at a much greater position, i.e., $56.59, which is the immediate resistance for the LTC bulls. The Relative Strength Index (RSI) indicator is currently at 41.25 and is showing no signs of any bullish or bearish momentum as of now. The upper edge of the Bollinger Bands Indicator is now at $56.59, representing the resistance, whereas its lower edge is present at $50.43, representing the support for LTC.
Litecoin price analysis for 4 hours: Recent developments and further technical indications
The 4-hour price chart for Litecoin price analysis shows that the market was trading in ascending parallel channels from last week, but the bears have managed to break out of it. The bears have retained their upper hand for the past few hours, following a downside. After the recent trend reversal, the price has decreased considerably and has slumped down to a level of $52.04. The moving average (MA) value for the four-hour price chart stands at $54.23, and the price has stepped below the MA.
The 4-hour Relative Strength Index (RSI) indicator for the LTC/USD has fallen to a level of 38.24, which indicates that the market is extremely oversold. The Bollinger bands have contracted considerably, which is a bearish signal as it indicates that the market is ready for a breakout.
Litecoin price analysis conclusion
As confirmed from the above 1-day and 4-hour Litecoin price analysis, the price has shown signs of a bearish nature in the last 24 hours. The bears have been ruling the market for the past month, and today, a downward movement is being recorded. The coin value is now $52.04, and further can only be prevented if the bulls receive massive support. Similarly, the hourly price prediction signals a drop as the bears cause the price to level down.
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