Litecoin price analysis today is bearish as the cryptocurrency has slipped below $50 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 $48.29 and is facing immediate resistance at $51.03, However, a break above this level is necessary for further upside. Support for Litecoin is presently at $47.76, and if this level is breached, Litecoin might drop all the way down to $45.38.
The LTC/USD pair is currently trading at $48.29 and is down by over 2 percent in the last 24 hours as the cryptocurrency market continues to bleed red. The market capitalization of Litecoin is $3.31 billion, and the 24-hour trading volume is $384,609,689.
LTC/USD 1-day price chart: LTC/USD pair in a bearish trend
On the 1-day chart for the LTC/USD pair, we can see that Litecoin has been following an ascending parallel channel over the weekend 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 $45.38 level.
The upper Bollinger bands have expanded, indicating increased volatility in the market, while the lower Bollinger bands have contracted, indicating decreased volatility. The Relative Strength Index is currently at 42.80 and is heading towards the oversold zone, which might provide some support for Litecoin. The MACD indicator is bearish as the signal line has crossed below the MACD line, and a further drop might see the MACD line cross below
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 Relative Strength Index is indicating oversold conditions as it is currently at 32.89. The MACD indicator is bearish as it is moving below the signal line, and a further drop might see the MACD line cross below the signal line. Both upper and lower Bollinger bands have contracted, indicating decreased volatility in the market.
Litecoin price analysis conclusion
Litecoin price analysis concludes that from the above 1-day and 4-hour price chart, it is evident that the bears have taken the control of the market as Litecoin has fallen below $50 again. The bears have been able to push Litecoin below the middle line of the ascending parallel channel, and a further drop might see Litecoin head towards $45. The bulls need to gather enough strength to push Litecoin above the $51.03 level so that the cryptocurrency can move higher.
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