Litecoin price analysis today is bearish as the cryptocurrency has slipped below $60 again. The LTC/USD pair had been following an ascending parallel channel for some time but failed to break out of it and instead dropped sharply. The pair is currently trading at $54.15 and is facing immediate resistance at $60.33, However, a break above this level is necessary for further upside.
Support for Litecoin is presently at $53.30, and if this level is breached, Litecoin might drop all the way down to the $53 level. The LTC/USD pair is currently trading at $54.15 and is down by over 9.41 percent in the last 24 hours as the cryptocurrency market continues to bleed red. The market capitalization of Litecoin is $3.83 billion, and the 24-hour trading volume is $659,523,164.
Litecoin price analysis 1-day price chart: LTC/USD pair in a bearish trend
On the 1-day chart for the Litecoin price analysis, we can see that Litecoin has been following an ascending parallel channel since yesterday 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 lower line of the channel.
The MACD indicator is presently in the bearish zone, and the signal line is above the price candles, indicating that the bears have the upper hand in the market at present. The RSI indicator is also in the bearish zone and is currently at 41.62, indicating that the market is oversold. The EMA ribbon is also tilted towards the downside, showing that the bears are in control of the market.
LTC/USD 4-hour price chart: Prices retrace lower after a strong rejection at $51.03
On the 4-hour chart for Litecoin price analysis, we can see that Litecoin has formed a descending channel and is currently trading at the bottom of the channel. The market has faced strong pressure from the bearish side in the past couple of hours, yet today the trend is going in favor of bears.
The 20 EMA is presently above the 50 EMA, indicating that the path of least resistance is to the downside. The MACD indicator is presently in the bearish zone, as the Blue line is above the Red line. The RSI indicator is also in bearish territory and is currently at 37.57, and also, it is currently below the 50 level, which is a bearish sign.
Litecoin price analysis conclusion
To conclude, Litecoin price analysis today is bearish as the cryptocurrency has failed to break out of the ascending parallel channel and has instead fallen sharply. The bulls need to gather enough strength to push Litecoin above the $60.33 level for any further upside. On the downside, support is present at $53.30, and if this level is breached, Litecoin might drop all the way down to $53.
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