Litecoin price analysis: LINK declines to $56.78 after bearish movement
- Litecoin price analysis is in a bearish trend
- Support for LTC/USD is present at $56.11
- Litecoin price is facing resistance at $59.20
Litecoin price analysis shows that LTC/USD is in a bearish trend. The LTC/USD has increased by 1.15 percent since yesterday as it currently trades at $56.78. Litecoin price is facing strong resistance at $59.20, and if the bears can push the prices below this level, we may see a further decline to $56.11. Support for LTC/USD is present at $56.11 and it is likely to provide some relief to the LTC bulls in the short term.
Litecoin prices have been trading between a range of $56.11 and $ 59.20 over the past 24 hours of trading as the market looks to continue its consolidation phase. The 24-hour trading volume currently sits at $566 million, while the Litecoin market capitalization is now around $3.61 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. The LTC/USD pair had dropped below the $60 level on Sunday but managed to find some support around the $56.11 mark.
Litecoin price analysis for 1-day: LTC/USD pair is currently trading at $56.78
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 $56.78 which is just slightly above the support at $56.11. The LTC bulls will need to make a strong move in order to take the prices back above the $60 level.
The MACD is also showing some bearish traits as the signal line is above the histogram and the MACD line. The RSI for the LTC/USD pair is currently at 41 which shows that the Litecoin price is in the oversold area of the market. The 50-day and 200-day moving averages are both sloping downwards which is a bearish sign for the LTC market.
Litecoin price analysis for 4 hours: Bears take control
The 4-hour price chart for Litecoin price analysis shows that the market was trading in ascending parallel channels but the bears have broken out of that pattern as they push the prices down.
The LTC/USD pair is currently trading below the moving averages which is a sign that the bears have taken control of the market. The MACD line is also below the signal line which is another bearish sign. The Relative Strength Index for the LTC/USD is currently below the 50 level which is a sign that the market is in bearish territory.
Litecoin price analysis conclusion
Litecoin price analysis suggests, that the bulls seem unable to hold an impactful momentum after Litecoin surged to highs of $59.20. The cryptocurrency currently finds itself at a critical point as it is testing the lower boundary of a descending triangle pattern, and a break below this level could lead to further declines in Litecoin price.