Litecoin price analysis shows that LTC prices are currently in bearish market sentiment. Prices have been on a downtrend for the last few hours and have currently found some support at $51.80. Key resistance for LTC prices is seen at $52.39, and a breakout above this level could see prices head back toward the $52.80 resistance level. However, if prices fail to break out above $52.39, then we could see LTC prices retrace back down to $51.08 support levels.
The digital asset has a trading volume of $315 million. At the time of writing, LTC was trading down by 1.00 percent at its current price of $51.26. The cryptocurrency has a total market cap of $3.56 billion and is currently ranked at number 20 on CoinMarketCap’s list of largest cryptocurrencies by market cap.
LTC/USD 1-day price chart: Litecoin prices could decline further
The daily chart for Litecoin price analysis shows that the digital asset has been in a downtrend as the buyers have not been able to push prices above the $52.39 resistance level. A bearish head and shoulders pattern is also forming on the daily chart, which could see prices fall back down to $51.08 support levels if the $52.39 resistance is not broken soon.
The RSI indicator for LTC/USD is currently around the 45.05 level, which shows that the digital asset is in neither overbought nor oversold conditions at the moment. The MACD indicator for LTC/USD is currently in the bearish territory as the signal line is above the histogram. This shows that prices could continue to fall in the short term. The EMA ribbon indicator is also bearish as the ribbon is currently heading downwards.
LTC/USD 4-hour price chart: Declining market trend
The hourly chart for Litecoin price analysis shows that the market has started trading in a range between $51.08 and $52.39. A breakout from this range could see prices heading toward the $51.00 region. The bulls were currently in control of the market for the last 4-hours as they pushed prices from the $51.08 support up to the current levels.
The RSI indicator is currently below the 50 level, which shows that the market is currently in bearish momentum. The MACD indicator is currently in the bearish territory as the signal line is below the histogram, but a crossover could see prices head back down to $51.08 support levels. The bears are in control of the market as the EMA ribbon is currently heading downwards.
Litecoin price analysis conclusion
To conclude, the Litecoin price analysis shows that the market is currently in a bearish trend as prices are currently at $51.08.The bears and the bulls are currently fighting for control of the market, but the bears seem to be in control at the moment. Prices could continue to decline if the $52.39 resistance is not broken soon.
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