22.3 C
Ottawa
Wednesday, August 17, 2022
HomeAnalysisLTC lost value at $49.98 after a strong bearish run

LTC lost value at $49.98 after a strong bearish run

Litecoin price analysis reveals that cryptocurrencies are currently trending bearish after strong sellouts. LTC prices have fallen almost 7% in the last 24 hours and are currently trading at $ 49.98. Cryptocurrencies had previously found support at $ 49.67, but couldn’t keep the price and witnessed a sale. The LTC / USD pair is currently facing resistance at $ 50.85 and will move to $ 51.50 above this level.

The Litecoin market has been very volatile for the past few days as prices soared and then plummeted. LTC prices were unable to maintain the $ 52 level and began to fall after facing strong selling pressure. Cryptocurrencies currently have a market capitalization of $ 3.5 billion and 24-hour trading volumes of $ 373 million.

LTC / USD Daily Price Chart: Litecoin Price Support Offers $ 49.67

In the 1-day chart, Litecoin price analysis shows that cryptocurrencies are currently trending bearish. Bears are currently dominating the market as they were able to push prices below $ 50. The LTC price is currently supported at $ 49.67 and will move to $ 48.50 below this level. The upper limit for Bollinger Bands is currently $ 52.40, while the lower limit for Bollinger Bands is $ 49.17. The Bollinger Bands indicator is currently in the sell zone, indicating that prices may fall further in the near future.

LTC / USD daily price chart. Source: TradingView

The MACD indicator is currently in the bear zone and the signal line is moving below the histogram. This shows that bearish momentum is currently strong in the market. The RSI index is currently 44.85, which indicates that the market is in the oversold zone. Breaking below the 40th level confirms that the market is in a bearish trend.

Litecoin Price Analysis on 4-Hour Price Chart: Recent Developments and Further Technological Signs

A Litecoin price analysis on a 4-hour price chart shows that the Litecoin price analysis forms a bearish falling triangle pattern. The LTC priced two lows at $ 55.50 and $ 54.90, with lows formed at $ 51.60 and $ 52.10, respectively.

Image 31
LTC / USD 4-hour price chart, Source: TradingView

The MACD line (blue) is currently moving below the signal line, indicating that bearish momentum is likely to continue in the short term. The RSI index is currently 43.60 and is slowly moving towards the oversold zone. This indicates that prices may fall further in the near future. Bollinger Bands is currently in sales mode, indicating that prices could drop further.

Conclusion of Litecoin Price Analysis

In conclusion, Litecoin’s price analysis shows today’s price decline as the situation proves to be a disadvantage for cryptocurrencies. Bears are struggling to maintain high momentum and have managed to reduce prices to the $ 49.98 range. Still, it looks like last week’s bullish momentum has revived, so we can expect it to bounce back to regain prices above the $ 50 level.

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.

RELATED ARTICLES

Most Popular