Litecoin price analysis: Bearish cycle reduces LTC value to $61.17
- Litecoin price analysis is bearish today
- LTC/USD support is present at $61.16
- Litecoin price is facing resistance at $65.63
Litecoin price analysis shows that the LTC/USD pair is currently in a bearish cycle. The value of Litecoin has reduced to $61.17, after finding support at $61.16. The market is expected to correct higher, but Litecoin is facing resistance at $65.63. Since yesterday, the LTC price has been in a downtrend. It started the day at $64.22 and reached a low of $61.14, before correcting higher.
The LTC/USD pair is down by 5.75% in the last 24 hours. The digital asset’s 24-hour trading volume is $511 million, and it has a market capitalization of $4.3 billion.
understanding of the state of Litecoin
LTC/USD 4-hour price chart: Prices retrace lower after a strong rejection at $65.63
The hourly chart for Litecoin price analysis shows that the pair has formed a bearish trend line, which is currently being tested for support. The price is also below the 50-hour moving average, which is another bearish sign. The RSI indicator is currently at 46, which indicates that the market is in bearish territory. The MACD indicator is also bearish, as the MACD line is below the signal line.
Looking at the 4-hour chart for LTC/USD, we can see that the volatility has been reduced in the market, as prices have been consolidating between $61.16 and $65.63. The market is expected to correct higher from current levels, but it faces strong resistance at $65.63. A break above this level could see Litecoin prices rallying towards $70. However, if the bears gain control of the market, we could see Litecoin prices falling to $50.
LTC/USD 1-day price chart: LTC/USD pair in a bearish trend
On the 1-day chart for Litecoin price analysis, we can see that Litecoin has been following an ascending parallel channel over the weekend and had even managed to break out of it briefly. However, the bulls were unable to sustain this momentum, and Litecoin fell sharply today. The cryptocurrency is currently trading just below the middle line of the channel, and a break below this line might send Litecoin all the way down to the $50 level.
The 50-day moving average is currently at $66.01, and the 200-day moving average is $68.57. Both these averages are going to act as strong resistance levels for the market in the near term. The relative strength index (RSI) has been slipping down from the overbought levels and is currently at 57. The MACD in line blue is currently at 0.01, which is an indication that the market is in a bearish phase.
Litecoin price analysis conclusion
Overall, the market sentiment for Litecoin is bearish, and we can expect the prices to fall further in the near term. From the above 1-day and 4-hour price charts, it is evident that Litecoin is in a downtrend and is facing strong resistance at $65.63 which is preventing it from correcting higher. A break below $61.16 could see Litecoin prices tumbling to the $50 level.