Litecoin (LTC) Sees a Gloomy Day; Price Goes Down by 8%

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  • LTC price has just noted a minimal price recovery after it saw the lowest price level of the last 24 hours today
  • The coin has declined by more than 8% over a day; full price recovery might take quite a while
  • Litecoin price is trading around $45-46 while BTC is trading around $8900
  • The coin has been largely stable all these while; however, the current and uncertain market condition is keeping the coin in chaos

The crypto market would have been soaring this month if the pullback moves could have been avoided in major coins. Bitcoin price, for instance, went above $9400 on April 30, and still, the month of May saw an opening at $8546. Similarly, LTC price went above $50 on April 30, and on the next day, it was at $46.43. This shows how the coins have corrected down with a strong bearish impact.

Litecoin Price Analysis

Litecoin News
LTC/USD Chart By TradingView

It was yesterday when the LTC price managed to trade above $49.70, but the rally stopped right above $49.75. From here, the currency kept trading in the downward direction tracing a free fall. The coin has formed lower highs at $49.30 and $48.17 till it closed yesterday.

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Litecoin found a support level at $45.56 just today. A very slow price rebound has taken place here. The price is already below the 200-day EMA line, while Bollinger bands are not showing any sign of possible volatility for now. Here, the LTC price is still below the 38.20% Fib level.

LTC News

Here, the moving averages have formed a bearish crossover after it passed the lower high at $48.17. Contradicting to all these factors, the MACD indicator has just entered into the bullish zone. At present, the LTC is testing resistance at $45.72.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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