Today Litecoin price analysis shows that the LTC/USD pair has lost tremendous value and is down by over 6.11% in the last 24 hours. Litecoin price analysis shows that the LTC/USD pair is currently facing strong resistance at $67.07. The bulls have failed to push prices above this level, and a bearish reversal looks likely. Prices have already started to decline, and further losses are expected. Support is present at $58.64, and a break below this level could see prices drop to $55.00.
The market capitalization of Litecoin stands at $4.23 billion, and the 24-hour trading volume is recorded at $1.003 billion. The coin is ranked number 6 on CoinMarketCap’s list.
LTC/USD 1-day price chart: Bearish trend continues
The 1-day Litecoin price analysis price chart shows that the bulls have failed to push prices above the resistance at $67.07 and a bearish reversal looks likely. The market opened today at $64.17 and started to surge higher as the day progressed. The coin reached a high of $67.07 but failed to sustain the momentum and started to decline.
The Relative Strength Index indicator is currently at 54.10, and it shows that the market is overbought. The MA 50 is moving above the MA 200, which is a bullish sign. The 50 is at $63.71, and the 200 is at $61.76 this indicates that the path of least resistance is to the upside. The Bollinger bands show that prices have reached the upper limit, and a bearish reversal looks likely.
LTC/USD 4-hour price chart: Recent developments
Recently, the Litecoin price analysis 4-hour chart shows that the LTC/USD pair has been in a downtrend for the last few hours. The market is likely to continue to decline as the bears take control. The bulls might make another attempt to push prices higher, but the chances of success are slim. The market is expected to continue to decline in the near term.
The RSI indicator is on a 4-hour Litecoin price analysis at 51.00, and it shows that the market is in neutral territory. The moving averages are all trending downwards, which is a bearish sign. The upper Bolinger bands are at $65.97, and the lower band is at $62.63, which indicates that the market is range-bound.
Litecoin price analysis conclusion
Overall, the Litecoin price analysis is bearish today as the bulls have failed to push prices above the resistance at $67.07. The market is expected to continue to decline in the near term as the bears take control. But, the bulls might make another attempt to push prices higher. The technical indicator is currently in favor of the bears as the market is overbought. The path of least resistance is to the downside, and prices are likely to drop to $58.64 in the near term.
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