Litecoin price is declining and it recently settled below the $45 and $44 support levels. Will the downtrend continue below the $43 support level?
Litecoin Price Medium-Term Analysis
Yesterday, December 12, the price of Litecoin (LTC) was trading in a bearish trend. After failing to break above the $50 resistance level, LTC dropped below many supports near $46 level.
Moreover, Litecoin price declined below the $45 level and traded to a new monthly low near the $42 level. However, at the time of press, Litecoin price is trading at the $43 level.
On the upside, if more buyers emerge, the crypto’s price will rise to retest the $50 resistance level. A break above $50 will propel the price of Litecoin to a high of $60 or $66. On the other hand, if there is a downside break below $42 level, there is a risk of more losses below the $40 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
LTCUSD Price Short-term Analysis
On the 1-hour chart, the LTCUSD price is clearly trading in a downtrend below $45 and $46 level. It seems like the bears are eyeing a downside thrust below the $40 support level before the price starts a real recovery.
Moreover, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $45, $50, $55
- Support levels: $42, $40, $38
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.