Price Analysis

Litecoin (LTC) Oscillates in the Midrange And Holds Solid Selling Pressure

  • Litecoin price slides below $60 and now even below $58, trades at the major support price $55
  • Keeping in light the current market volatility, we fear that LTC price may even test $50 price mark soon if it continues to descend
  • LTC/USD currently trades in the mid-range of the lowest and the highest in the said time frame

LTC price takes a fall below $58 and then rapidly shifted to $55. The current movement is quite stable when compared to the initial movement of the past 330 days. The lowest in the past 30 days was noted at $47.34, while the highest laid at $66.24, just 9 days back, before the coin took a downfall to trade at the current price level.

Litecoin Price Analysis:

LTC Price Chart
Litecoin Price Chart by TradingView

As per the 4-hourly movement of Litecoin on the exchange of Coinbase over the past 30 days, we see that the coin was initially trading at $54.05, just to immediately drop at $47.34.

Later, the green candle formation took the coin to hit the first top above $60 at $64.39 in the last week of the previous month.

After having a sluggish trend for around 7-9 days, LTC coin price hit the double top by trading at $64.39, again. The highest in the said time frame is noted on November 10, 2019, and since then the price has been on declining path.

The current trading price is over 16% more and 16% less than the respective lowest and highest point at the said time.

Technical Indicators:

The MACD of Litecoin is below zero and holds a bearish outlook as the signal line crossed the MACD line.

The RSI of the LTC coin is at 25.67, which is even below the limit of the oversold point, i.e. 30. This rightly enhances the strong selling pressure that LTC is facing currently.

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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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