Litecoin price analysis shows that the bears have fully gained control of the market following a sharp decline near the $30 level. Will the bearish trend continue?
Litecoin Price Medium-term Trend
For the past 6 days, the price of Litecoin (LTC) was unable to break above the $60 resistance level. As a result, LTC price declined below the $50 and $40 support level.
Today, Litecoin price has dipped further since yesterday. At the time of writing this Litecoin price analysis, the coin has slumped to $34 level. It is noteworthy that the crypto market has collapsed with over $30 billion wiped out from the market in a matter of minutes. In the meantime, it is still unclear what might have caused the massive sell-off across the board.
On the downside, if support at $30 caves in, Litecoin price could drop further toward the next support level at $25 and $20 level. On the upside, if more buyers emerge, the price could recover towards the $40 and $50 resistance. The main resistance is now near the $55.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
LTCUSD Price Short-term Trend
On the 1-hour chart, LTCUSD price is trading in a bearish zone. Today, the pair declined sharply from the $55 level to $34 level. Considering the sharp move, one may expect a short-term correction from deeply oversold levels; however, it is still hard to make some forecasts until the dust settles.
However, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels :$40, $50, $60
- Support Levels: $35, $30, $20
Disclaimer
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.