Price Analysis

Litecoin Corrects Downwards; Trades with a Sluggish Move

  • Litecoin forms a descending channel as it falls from trading above $60 to currently consolidating around $59
  • LTC coin stays bearish after the rejection from the strong resistance around $66
  • The past 3 days have been quite an adventure as LTC witnesses enough price movements

 

After having declined to surpass $65 price level, it tested the support at $62 and then at $60. As it slid below $60 to trade at $58 – marking the lowest in the said time frame of the past 2 days. Litecoin price currently holds downside risks to a major extent and faces a strong selling pressure with it.

 

Litecoin Price Prediction

Litecoin
Litecoin Price Chart by TradingView

As per the intraday movement of LTC/USD on Coinbase, the coin was trading around the immediate support at $60.99 after having hit $61 – the major resistance which was formed then. With a notable plunge and inverse red candle formation, the price of Litecoin bottomed at $58.27, yesterday. However, it continued to trade around the same price for the remaining period until the time of writing. Just prior to penning down, LTC price topped at $60.68, when Bitcoin also traced back at $8,700 to plunge again, though.

The market has been dealing in red, and it has been quite a disgraceful thing to see the major altcoins like Ethereum and Litecoin marking fresh decreases every time and even deeper than the previous ones. Currently, the most imminent support is around $58, and on the contrary, if there is an upside break, which seems like a mirage at present, but then there will be an S/R flip, and $61 will turn out to be the major resistance.

 

Technical Indicators

The MACD of LTC is above zero but seems to have a bearish outlook, after MACD and signal line has a meetup.

The RSI of the coin is at 55.56, showing no extremities at present.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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