Litecoin price analysis shows a downtrend for today. The bears have once again taken over the price charts, lowering the price level to 55.58 as market sentiment towards LTC/USD is bearish.
The selling pressure came early in today’s trading session but the trend remained uncertain for the first four hours before the downside beat the gains. The price trend line is showing a downtrend from yesterday’s low of $60.27.
LTC/USD 1-day price chart: bearish swing sinks the price to $55.58
The price chart of the Litecoin 1 day price analysis shows that the price breakout is down today and will continue to decline from now on, and the LTC/USD pair is trading at $55.58 at the time of writing.
The price trend has been down since yesterday and today the price seems to be moving sideways. With a current trading volume of $549 million and a market cap of $3.9 billion, the coin is down 7.67 percent in the last 24 hours.
The RSI indicator currently stands at 53.67 and up, indicating that the current downtrend may be reversing, but for now, the market sentiment remains bearish.
The MACD indicator is bearish because the signal line is above the candle and the bulls need to take control immediately to reverse it. The 50 SMA is currently at $56.34 and the 200 SMA is at $58.97, indicating that the path of least resistance is to the downside as the 200 SMA is well above the current market price.
Litecoin price analysis: LTC/USD jumps to $55.58 after rebound
The 4-hour price chart for Litecoin price analysis shows a sustained decline in price and no upward movement seen today. Gains and losses are constantly swapping leadership positions, but for now, the bears are in the lead. The market is expected to be quite volatile today as the price level approaches the main support level.
Volatility is decreasing, indicating that future market trends may favor cryptocurrency buyers. When we discuss SMA, the short term 50 SMA is well below the current market price, indicating that the market may see some resistance around $60.27.
On the other hand, if we look at the longer term 200 SMA, it is well above the current market price and could act as a key support level in the event of a bearish break. The value of the Relative Strength Index (RSI) fell to 42.74 on a downtrend as indicated by the price. MACD looks quite bearish and the market seems to be losing its bullish momentum.
Litecoin price analysis conclusion
Looking at Litecoin’s price analysis, it can be said that the market is currently in a bearish phase and a downside breakout could occur if the bears continue to dominate the market. The main support and resistance levels are at $55.17 and $60.27, respectively. A bearish close below $55.17 could result in a downtrend towards $50 and a break above $60.27 could result in a bullish move towards $70.