As all cryptocurrency markets seem to truck along rather nicely, it will be interesting to see how things evolve in the coming hours. Some of the recent USD-based gains have been wiped out, primarily because of altcoins losing value over Bitcoin. The Litecoin price, while still clinging to the $80 support level, may see some bearish pressure as well in the coming hours.
Litecoin Price Struggles to Stay Above $80
No one genuinely wants to see more bearish market momentum affecting the different cryptocurrencies, tokens, and assets. The year 2018 has been incredibly bearish already, yet 2019 has offered a few glimpses of hope for a better future. That doesn’t mean the markets are out of the woods yet by any means, as most of the altcoins are currently facing pressure where their BTC value is concerned. Those losses can offset some, if not all USD-based gains in pretty quick succession.
As far as the Litecoin price is concerned, it would appear the $80 level is still in play. More specifically, it seems there is a 1.73% gain in USD value, which can be rather beneficial for this market in the long run. However, there is also a 0.82% loss in LTC/BTC, which doesn’t bode too well for the immediate future either. Although this loss isn’t insurmountable by any means, it would appear further bearish momentum can materialize in the near future.
On social media, there are always many different discussions pertaining to cryptocurrencies, tokens, and digital assets. Master would like to know which market is the “better Bitcoin Cash”. A bit of an odd sentiment, as there is only one Bitcoin Cash right now. Claiming how Litecoin might be the better BCH seems a bit odd, although it all depends on how one is looking at the bigger picture when it comes to Bitcoin and alternative markets.
— Master ⚡️ (@xtdisnkfe) April 17, 2019
While there are dozens of exchanges and trading platforms which allow for LTC trading right now, it would appear there are some options which often get overlooked. South Africa’s ICE3x has enabled Litecoin trading some time ago and offers very low trading fees accordingly. There are also no deposit fees for both crypto and fiat transfers, which can make this exchange rather appealing to the right users.
📊 Trading Fees are Zero – 0.5% (lowest in RSA)
🚫 NO Deposit Fees (Crypto & Fiat)
👑 Unrivalled Features & Functionalityhttps://t.co/SCatGvme22
— 𝙂𝙖𝙧𝙚𝙩𝙝 𝙂𝙧𝙤𝙗𝙡𝙚𝙧 (@R3LB0RG) April 17, 2019
One rather peculiar image has been shared on Twitter which compares Bitcoin and Litecoin accordingly. While such comparisons are nothing new by any means, they often make little to no sense. Bitcoin and Litecoin are two very different projects which should not necessarily be seen as competitors. However, it would appear there is also an interesting reason for this comparison, as Eudy Zerpa wants to convince more people to pay attention to Litecoin.
— Eudy Zerpa (@eudyzerpa) April 17, 2019
As the vast majority of alternative cryptocurrency markets are under a bit of pressure, the coming hours will either make or break some offerings accordingly. Even though Bitcoin itself is not under any real pressure just yet, a lot of alternatives are losing BTC value in fairly quick succession. How all of this will play out, remains to be determined, but the current trend indicates some minor losses are looming on the horizon.
Litecoin market update: LTC/USD trims gains within a falling channel
- Lower lows and lower highs within a descending have seen Litecoin test the support at the 23.6% Fib level.
- The trends shown by the MACD and the RSI show that the price has found a short-term bottom.
Litecoin is trading below the moving averages after extended the declines from the highs achieved in April. Lower lows and lower highs within a descending have seen Litecoin test the support at the 23.6% Fib level between the last drop from $98.1092 to a low around $60.8035 close to $70.00.
Meanwhile, attempts to beat the bearish pressure in the three weeks have failed miserably. At the time of writing Litecoin is trading at $74.36 while battling the resistance at the 38.2% Fibo. LTC/USD needs to zoom above this hurdle in order to enter a bullish zone between $75 and $80.
The trends shown by the MACD and the RSI show that the price has found a short-term bottom. The RSI touched the oversold but recovered to 47.05. Although it is unable to correct above the average at 50.00 the ranging motion means that traders can expect LTC/USD to say above the key support at $70.00 and the immediate resistance at $75.00.
Litecoin (LTC) Price Remains At Risk Of More Losses
- Litecoin price failed to stay above the crucial $75.20 support and extended losses against the US Dollar.
- LTC price tested the $70.40 level and it remains at a risk of more losses.
- There is a major bearish trend line in place with resistance at $76.20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could decline sharply if there is a break below the $70.40 and $70.00 support levels.
Litecoin price is currently trading below key supports against the US Dollar and bitcoin. LTC could tumble towards the $65.00 or $62.00 support if the $70.00 gives way.
Litecoin Price Analysis
In the past few days, there were range moves litecoin price below the $84.50 and $85.00 resistances against the US Dollar. The LTC/USD pair made a few attempts to break the $84.50 resistance, but it failed. As a result, there was a drop below the $78.00 support and the 55 simple moving average (4-hours). The decline was such that the price failed to stay above the crucial $75.20 support and extended losses. Sellers even kicked the price below the $72.50 support level and a new monthly low was formed near $70.40.
The price is currently consolidating gains above $70.50. It broke the 23.6% Fib retracement level of the last drop from the $79.77 high to $70.72 low. On the upside, there is a strong resistance formed near the $75.20 and $75.40 levels. The 50% Fib retracement level of the last drop from the $79.77 high to $70.72 low is also near the $75.20 level. Moreover, there is a major bearish trend line in place with resistance at $76.20 on the 4-hours chart of the LTC/USD pair.
Finally, the 61.8% Fib retracement level of the last drop from the $79.77 high to $70.72 low is at $76.20. Therefore, the price is likely to struggle near the $75.20 and $76.20 resistance levels. Only a successful close above $78.00 and the 55 simple moving average (4-hours) could start a fresh increase.
Looking at the chart, litecoin price is clearly trading below key supports at $75.20. If it fails to recover above $75.20 and breaks the $70.40 support, there could be more losses. A clear break below the $70.00 support may push the price towards the $65.00 level. However, the main support is near the $61.40 level (the previous breakout resistance area).
4 hours MACD – The MACD for LTC/USD is placed heavily in the bearish zone, with a lot of negative signs.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently recovering from 30, but it is well below 50.
Key Support Levels – $70.00 and $65.00.
Key Resistance Levels – $75.20 and $78.00..
Litecoin (LTC/USD) forecast and analysis on April 25, 2019
Cryptocurrency Litecoin (LTC/USD) is trading at 73.92. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.
Litecoin (LTC/USD) forecast and analysis on April 25, 2019
As part of the Litecoin course forecast, a test level of 77.20 is expected. Where should we expect an attempt to continue the fall of LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 64.10. The conservative Litecoin sales area is located near the upper border of the Bollinger Bands indicator at 82.00.
Cancellation of the option to continue the decline in the rate of Litecoin will be a breakdown of the upper border of the Bollinger Bands indicator. As well as a moving average with a period of 55 and closing quotations of the pair above the 84.20 area. This will indicate a change in the current bullish trend for LTC/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.
Litecoin (LTC/USD) forecast and analysis on April 25, 2019 implies a test level of 77.20. Further, it is expected to continue falling to the area below the level of 64.10. The conservative area for selling Litecoin is located area of 82.00. The cancellation of the option of falling cryptocurrency will be the breakdown level 84.20. In this case, we can expect continued growth.