Price Analysis

LTC Trades with Bullish Impact; Selling Pressure Remains Prominent

  • Litecoin trades at $47.84 with slight support from the short-term moving averages
  • Just like other altcoins, LTC is also trading with utmost selling pressure
  • LTC’s current trading price is 9% higher than the lowest of the past 30 days

Litecoin (LTC) has hit the new 90-day low at $42 in the past four days. The last second month of the last quarter has been quite dooming as all the major coins and altcoins have hit fresh lows and are still dealing with ultimate selling pressure. Unable to hold at $66.19, Litecoin price underwent a relaxed fall at $60.04, and later while battling the inactive supports, it hit the $42 with a steep fall in the past fortnight.

Litecoin Price Analysis

Litecoin
LTC Chart By TradingView

Analyzing the monthlong movement of LTC/USD on Coinbase, we see that the coin has had a notable downfall from ranging at $66 to bottoming out at $42. It still lacks strong support as the selling pressure is quite prominent to battle the bearish outlook. The LTC coin’s immediate support area is around the trading price of $48 and $50. A persistent trade above $60 will help the coin to come out of the selling pressure and have a real trade with a bullish outlook.

Litecoin News
LTC Chart By TradingView

However, when we closely analyze the 5-day movement of LTC to USD, we see that a double top is created at the trading price of $48. The initial hit was followed by a plunge at the lowest price at $42.16, while the 2nd one was a price correction of the same dig in fall.

As per the Ichimoku cloud, we see that the Leading Span 1 is running above Leading Span 2, which is indicating towards an uptrend confirmed with the price trend being above KUMO (cloud).

The Conversion Line is also running above the Baseline, which is giving a bullish signal and confirmed by the MACD indicator, which shows that the MACD line and the signal line is rising above zero but holding an inherent selling pressure.

The RSI of Litecoin is at 54.83 and shows no extremities at present, rather favorable trading days coming forth.

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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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