Litecoin price analysis shows that the bears have fully gained control of the market following a sharp decline near the $30 level. Will the bearish trend continue?
For the past 6 days, the price of Litecoin (LTC) was unable to break above the $60 resistance level. As a result, LTC price declined below the $50 and $40 support level.
Today, Litecoin price has dipped further since yesterday. At the time of writing this Litecoin price analysis, the coin has slumped to $34 level. It is noteworthy that the crypto market has collapsed with over $30 billion wiped out from the market in a matter of minutes. In the meantime, it is still unclear what might have caused the massive sell-off across the board.
On the downside, if support at $30 caves in, Litecoin price could drop further toward the next support level at $25 and $20 level. On the upside, if more buyers emerge, the price could recover towards the $40 and $50 resistance. The main resistance is now near the $55.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, LTCUSD price is trading in a bearish zone. Today, the pair declined sharply from the $55 level to $34 level. Considering the sharp move, one may expect a short-term correction from deeply oversold levels; however, it is still hard to make some forecasts until the dust settles.
However, the MACD line and the signal line are below the zero line which indicates a sell signal.
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