Litecoin price resumed the downward trend after the bulls failed to break the $58 resistance level. The LTCUSD pair could accelerate losses if it fails to hold the $50 support level.
Litecoin Price Medium-term Analysis
Yesterday, October 16, the price of Litecoin (LTC) was in a bearish trend. The bulls attempted to break above the $58 level but were resisted. As a result, Litecoin price started to decline. The market dropped below the $57 and $56 support level. Yesterday, the downtrend was extended from the support levels of $54 to $51.
At the time of writing, Litecoin price is trading at the $53 level below the 20-day Simple Moving Average (SMA),
On the upside, if more buyers emerge, the crypto’s price rise will rise to retest the $55 and $56 resistance levels. Conversely, if there is a downside break, the coin will decline to $51 or $50 support levels.
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 Analysis
On the 1-hour chart, LTCUSD price is in a bearish trend. The pair struggled to break above the $55 resistance level before falling down from $54 to $53. The price of LTCUSD then trended horizontally for a bit before falling to $51.70.
As long as there is close above $56 level, there are chances of more downsides below $51. In the meantime, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $54, $55, $56
- Support levels: $51, $50, $49
Disclaimer
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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