Litecoin price analysis is bearish as LTC/USD depreciates to the $58.08 mark after a bearish run. The bears have taken over the price charts once again and have pushed the prices below the $58 mark. The market is currently facing resistance at $58.35, and if the bears continue to exert their pressure, we could see Litecoin prices decline further to support levels of $55.92. The bulls had tried to enter the market but were unable to sustain the prices above the $58 mark, which resulted in a bearish pullback.
Litecoin price analysis on the 1-day price chart: Cryptocurrency value slips back to $58.08 margin
On the 1-day price chart, we can see that Litecoin price analysis has formed a bearish candlestick pattern. Prices have been consolidating in a descending triangle pattern and currently, the market is testing the lower boundary of the triangle. If prices break below this level, we could see a further decline to support levels of $55.92.
The Moving average convergence divergence (MACD) indicator is currently in the bearish zone. The MACD line is below the signal line, indicating bearish momentum in the market. The Relative Strength Index (RSI) indicator is currently at 52.17 and is heading towards the oversold levels. This indicates that the bears are in control of the market and are likely to push prices lower. The 50-day simple moving average (SMA) is currently at $58.35, while the 200-day SMA is at $55.92. This indicates that the path of least resistance is to the downside and that the bears are in control of the market.
Litecoin price analysis on a 4-hour price chart: Recent developments and further technical indications
On the 4-hour chart, we can see that Litecoin price analysis has formed a bearish descending triangle pattern. The bulls on the 4-hour price chart had tried to enter the market but were unable to sustain the prices above the $58.35 mark, which results in a bearish trend.
The MACD indicator is below the signal line, indicating bearish momentum in the market. The Relative Strength Index (RSI) indicator is currently at 42.78 and is heading towards the oversold levels. This indicates that the bears are in control of the market and are likely to push prices lower. The 50-day SMA is currently at $58.48, while the 200-day SMA is at $56.40. This indicates a bearish trend.
Litecoin price analysis conclusion
In Concluding Litecoin price analysis, we can deduce that the market has recently entered a bearish movement. However, the 4-hour research suggests that a reversal is to be expected sooner than later, and the market will feel some pressure. Still, the bears are showing consistency and strong characteristics, so we will have to wait and see what happens.
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