Litecoin price is under intense bearish pressure below $55.00 following a strong sell-off from November 10 high. Will the LTCUSD pair break below $50.00?
Yesterday, November 20, the price of Litecoin (LTC) was still trading bearish trend. LTC price broke the main $60.00 support level to enter a bearish zone.
Moreover, there was a break below the $57.00 support area and 55 simple moving average (4-hours). Finally, the price traded below the $58.00 level and formed a new monthly low at $54.06.
At the time of writing, the Litecoin price is trading at the$51.00 level.
On the upside, if more buyers emerge, the crypto’s price will rise to retest the $58 and $60 resistance levels.
On the other hand, if the buyers failed to push the price back above this barrier, the downside pressure is likely to increase towards the $50 and $45 support levels.
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, the LTCUSD price is in a bearish trend. The pair is clearly forming another bearish breakdown pattern with support near $50.00 level. Therefore, there is a risk of more losses below $50.00 and $48.00 unless the price climbs above $55.00 and $60.00.
The MACD line and the signal line are below the zero line which indicates a sell signal.
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.
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