Litecoin Faces Major Support at $55, Trades with Utmost Selling Pressure
- LTC price takes a break below $60 and now even $59, forming a descending trendline
- If LTC price descends even below it will form a loss-making zone until it reclaims above $60
- Litecoin price shows volatility with a falling wedge observed in the initial days of the past week
Litecoin (LTC) is currently consolidating around the trading range of $55-$58. There has been a notable decrease in the trading volume and market cap of the coin as well. Other than this, the LTC coin has been losing its position in the global crypto market as well; from being ranked amongst the top cryptocurrencies, it now has slipped to the 6th position.
Litecoin Price Analysis:
Analyzing the movement of LTC/USD on the exchange of Kraken, we see that the coin is currently trading at $58.60. The major catch in the trading price has been the lowest in the said time frame, i.e. at $55.88, wherein the Bollinger Bands tightened and led the red candle to have a break below the lower Bollinger Band.
As per the 20-day Bollinger Bands, there have been a lot of instances when the price trend broke above the upper Bollinger Band. It also seems to have a break below the lower Bollinger Band just at the time of writing at the current trading price.
The current trading price of Litecoin is 5.16% less than the highest of the past 7 days, and $61 price area is also serving as the major resistance while it is 4.86% more than the lowest, which is serving as the major support.
Technical Indicators:
All the moving averages viz., 50-day, and 100-day are above the current price trend, which exhibits that the Litecoin is currently trading in the strong ‘selling zone.’ It has grounded support from the short-term moving average (10-day) at $58.
The MACD of LTC coin just had a bearish crossover above zero as the signal line crossed the MACD from below.
The RSI of the coin is drawing a downward trend line and currently is at 41.06, showing an inclination towards the oversold region. The coin might retest its previous support around $57 soon. Get more information about Litecoin price prediction clicking here.
