LTC prices bleed below $60,bears increase grip

0
Cryptocurrencies prices heatmap, source: Coin360

Litecoin price analysis shows LTC prices slipped off in a steep decline, losing nearly 4.5 percent in value. The decline appears to have been caused by a bearish trend line breakout on the 4-hour chart, which invalidated the near-term bullish setup. Currently, there is strong support around $56.0, below which prices may extend losses towards the $50.0 level.

There is a general market crash that has been witnessed during the weekend, which has also affected Litecoin. The LTC price is currently trading at $57.25 and looks like the sell-off is not over yet. The market is still highly volatile and a lot can happen in the near term.LTC has a total trading volume of $640,744,866.31 and is currently ranked at the 20th position in the market.

Litecoin price analysis: Technical analysis

Litecoin price analysis shows that LTC prices are currently in a declining trend and are likely to extend losses towards the $50.0 level if the current support around $56.0 is breached. On the downside, the nearest support levels are present at $55.0 and $50.0, while on the upside, the main resistance levels are seen at $60.0 and $62.0.The market is currently experiencing low market volatility as indicated by the contracting Bollinger bands on the 1-day price chart. The RSI is currently trading in the bearish territory below the 50 level, which further supports a near-term bearish outlook for Litecoin prices.

image 183
LTC/USD 1-day price chart, Source: TradingView

Litecoin price analysis indicates the prices have been trading between a range of $56.0 and $60.0 for the past few days, however, a breakout from either of these levels is required for a clearer directional bias to emerge in the market. The moving averages are currently flat and are not providing any clear trading signals in the market. For instance, the 20-day SMA is currently trading at $58.0, while the 50-day SMA is slightly below this level around $57.5. Overall, the technical indicators are not providing any clear trading signals in the market and a breakout from the current range is required for a clearer market direction to emerge.

Litecoin price analysis on a 4-hour price chart: Bearish engulfing pattern

Litecoin price analysis on the 4-hour chart shows that prices have slipped below $60.0 support after a bearish engulfing pattern formed on the chart. Prices are currently testing the next support at around $56.0, which is likely to provide some respite for bears in the near term if breached.

The 4-hour price chart for LTC/USD shows that the prices have slipped below the bullish trend line support, which invalidates the near-term bullish setup. The prices are currently trading below the $60.0 level and may extend losses towards the $56.0 level if the current support is breached. On the upside, a move above the $60.0 level is required for the bulls to take control of the market. The main resistance levels are seen at $60.0 and $62.0, while on the downside, support levels are present at $56.0 and $50.0.

image 184
LTC/USD 4-hour price chart, Source: TradingView

The current market sentiment is bearish as indicated by the MACD histogram, which is currently trading below the zero line. The RSI is also trading in the bearish territory below the 50 level, which indicates that prices may continue to decline in the near term. The Bollinger bands on the 4-hour price chart are currently in the process of contracting, which indicates that market volatility is currently low.

Litecoin price analysis conclusion

Litecoin price analysis shows the market has been trading in a tight range for the past few days and a breakout is required for a clear market direction to emerge. The technical indicators are not providing any clear trading signals in the market and prices may continue to decline if the current support around $56.0 is breached.

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.

Credit: Source link

Leave A Reply

Your email address will not be published.