Litecoin price analysis is bearish today, as price faced another rejection around the $52 mark over the past 24 hours. LTC seemed to be recording an uptrend at the start of the week which came to an abrupt halt yesterday with price falling as low as $47.97. Since then, the current trend has topped up to the $51.17 mark but technical indicators estimate possibility of LTC falling into a horizontal pattern around the $52 mark. Trading volume over the past 24 hours fell more than 3 percent while LTC market cap rose up to 3,518,820,283 as the token retained its 20th spot in the market.
The larger cryptocurrency market showed positive movements across the board for major cryptocurrencies, led by Bitcoin’s revival up to the $20,400 mark with a 3 percent uptrend. Ethereum gained 4 percent to move up to $1,100, whereas leading Altcoins also followed the uptrend. Ripple rose 2 percent to move up to $0.32, with Cardano upping 2 percent to sit at $0.46. Dogecoin also gained 2 percent in moving up to $0.06, whereas Solana made a significant jump worth 6 percent to move up to $36.52. Polkadot also trended upwards, rising 2 percent to $6.92.
Litecoin price analysis: LTC will need to targets 50-day EMA in order to set up breakout on daily chart
On the 24-hour candlestick chart for Litecoin price analysis, price can be seen forming a distinct decline over the past 24 hours to move down to $47.93. The sudden shift in upward momentum occurred after LTC price faced consecutive rejections around the $52 mark where the current demand zone lies. Price currently sits just above the $50 mark, with the next resistance level set around $55. However, to conjure a breakout up to that point, LTC will need to target the crucial 50-day exponential moving average (EMA) at $51.74.
A look at the 24-hour relative strength index (RSI) shows an increase in market valuation for LTC over the past 24 hours. The RSI sits at 42.45 currently and an uptrend in price up to $55 could see it move up into the oversold zone quickly. Meanwhile, the moving average convergence divergence (MACD) curve can be seen forming lower highs above the neutral zone currently. Over the next 24 hours, LTC price is expected to move into a horizontal trend with the upper cap set around $52 and a move past this point would invalidate the bearish thesis.
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