Litecoin price analysis shows that the coin is facing an increase in selling pressure and it could decline heavily if it breaks the $68 support level.
Litecoin Price Medium-term Trend
Recently, the price of Litecoin (LTC) was trading in the bullish trend zone. The LTC buyers have tested the overhead resistance at $80 before declining to $70. Yesterday, however, Litecoin price continued the downtrend having failed to break above the $70 level. As a result, the bears pulled the price down below the $69 and $67 level.
At the time of writing this Litecoin price analysis, the bulls were able to defend the $65 to avert the risks of sliding towards the $50 support area.
On the downside, if support at $65 caves in, Litecoin price could drop further toward the next support level at $50. On the upside, consolidation at between $65 and $70 is likely to allow buyers to refocus their attention on levels above $80 and ultimately $100.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
LTCUSD Price Short-term Trend
On the 1-hour chart, LTCUSD price is trading in a short term bearish zone. The bears had made two attempts to break the $65 support level but failed. Today, the bears are making the third attempt at the support level to break it. However, the $65 level holds the key. If the bulls fail to defend $65, there could be another sharp decline in the short term.
Conversely, recovery above $70 could take a while especially now that the MACD is sending more bearish signals. Currently, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels : $80, $90, $100
- Support Levels: $65, $60, $50
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.