Litecoin price is currently correcting lower below $55 and could continue to slide towards the key $50 support level. Are the bulls losing control of the market?
This week, the price of Litecoin (LTC) rallied above the $58 and $60 resistance levels. However, after trading to a new 2020 high at $63, Litecoin price resumed a downside correction. The coin traded below the key $60 and $58 support level on the 4-hours chart. This, however, opened the doors for more losses below $56 level.
At the time of writing, however, the coin is now trading at the $53 level, which is likely to act as a strong support.
On the downside, any further losses may perhaps lead Litecoin price towards the key $50 support level. On the upside, the bulls will make another attempt to push the price towards the $58 level and $60 level. If successful, a rally to $66 is possible.
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 clearly correcting lower below the $55 support level. It seems like the bulls are losing control and there is a risk of a larger downside correction below $53 and $50 in the coming sessions.
In the meantime, 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 cryptoc-urrencies. 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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