Litecoin price analysis shows that the market for this cryptocurrency has been in a downtrend over the past few hours. The price level is currently facing rejection at $60.82, and heavy selling pressure is limiting any upward momentum. Support can be found at the $58.15 extreme, which represents an important level of support for the market. Overall, traders should remain cautious and watch for potential opportunities to buy or sell.
Litecoin has a loss of 2.43 percent at the time of writing, with a market capitalization of $3.46 billion and a trading volume of $232.38 billion in the last 24 hours.
LTC/USD 1-day price chart: Bearish in control of the market
The daily Litecoin price analysis shows a downward market trend for the day as the cryptocurrency faced a considerable loss. The last 24 hours market was dominated by the bulls, who were met with significant selling pressure near the $60.82 price level, however, the price level was not sustained for long.
The technical indicators point to a bearish market for the day. The RSI is at 60.77, suggesting that the bears are in control of the market momentum. Furthermore, the MACD also shows a downward trajectory and indicates that more selling is likely in the coming days. The Moving average indicator for LTC/USD in a 24-hour timeframe is also pointing to a bearish market as it is currently at $57.55.
Litecoin price analysis: Price steps down to $58.16 as bears secure lead
The hourly Litecoin price analysis favors the sellers, as a downward price movement was observed in the past few hours. The price curve took an unexpected bearish turn during the past four hours because of heavy selling pressure. This is why the LTC/USD value has been lowered to $58.16, and further downflow is expected soon. According to the hourly price chart, the moving average value settles at $57.40.
The Relative strength index (RSI) value is at 49.50, suggesting that the buying is losing momentum in the market. On the other hand, the MACD line for LTC/USD shows a bearish crossover signaling further declines for Litecoin price in the coming hours as the signal line moves below the MACD line.
Litecoin price analysis conclusion
To sum up, the Litecoin price analysis shows a bearish trend as the bears are in control of the market momentum. The $58.16 price level is an important support area, and traders should watch for potential buying opportunities at this price point. However, sellers can continue to capitalize on the downtrend by shorting Litecoin during any rallies.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
