Litecoin price analysis: LTC drops below $60 support as bears dominate market
- Litecoin price analysis shows price continuing downtrend
- LTC dropped below $60 support over today’s price action
- Price could drop as low as $58.57 lower band
Litecoin price analysis continues to show bearish signs after failing to recover from a bearish run that started on June 1, 2022. LTC price has been trending downward throughout the current week, after initially forming a horizontal trend around the $62 mark. The current trend is forming a descending triangle as price struggles to approach the $60 support, having initially faced multiple rejections around the $65.33 point.
Over the past 24 hours, LTC price declined more than 4 percent and moved as low as $59.31 with trading volume rising by 5 percent. If the current downtrend continues with seller pressure amassing, LTC could move to the lower band at $58.37 over the next 24 hours.
The larger cryptocurrency market is following a similar pattern, as all major cryptocurrencies posted significant losses over the day’s trade. Bitcoin moved below the $29,500 mark with a 3 percent decline, whereas Ethereum dropped 4 percent to $1,700. Among leading Altcoins, Ripple declined 4 percent to move down to $0.38, the same as Dogecoin’s move down to $0.07. Cardano dropped heavily, moving down to $0.58 with an 8 percent decrement, while Solana and Polkadot lowered 6 percent each to move as low as $37.83 and $8.08, respectively.
Litecoin price analysis: Price falls below crucial moving averages on daily chart
On the 24-hour candlestick chart for Litecoin price analysis, LTC can be seen forming a distinct descending triangle pattern over the past week’s trade. Failing to recover from the downtrend set at the start of the month, LTC price trended horizontally around the $62.8 mark before sliding further below $60 support. Today’s price action incurred further loss of momentum, as LTC dropped below the crucial 50-day exponential moving average (EMA) at $61.3. Any upward movement will be subjected to current trend breaching this point.
Additionally, the 24-hour relative strength index (RSI) faced a sharp dip into the oversold zone as well, moving down to 34.63 to exhibit declining market valuation for LTC. While trading volume rose slightly, the market is dominated by seller action. Moreover, the moving average convergence divergence (MACD) curve can be seen forming a bearish divergence with the formation of lower highs. Over the next 24 hours, LTC price is expected to challenge the next support point at $56.37, whereas upward movement will be capped below the $63 resistance.