LTC is now trading near $53.50 and the 50-day simple moving average (4-hours). Litecoin, like bitcoin, is trading below $55 against the dollar. If there is no definite rise over $55, the price of LTC may resume its drop.
simple moving average (4-hours).
Litecoin, like bitcoin, is trading below $55.00 against the dollar. If there is no definite rise over $55.00, the price of LTC may resume its drop.
Bitcoin, ethereum, ripple, and litecoin all have dropped in price against the dollar in recent days. LTC seems to be forming a base over $50.00.
The most recent swing low was at $50.01, and it is currently recovering losses. The price increased over the barrier levels of $51.20 and $52.00. Price even surpassed the 50% Fib retracement level of the key drop from the $58.44 swing high to the $50.00 low.
However, the bears appear to be active below $54.25 and $55.00 The price is currently trading close to $53.50 and the 50-day simple moving average (4-hours).
Buyers were limited in the market, which constantly tired the bulls. The currency is now getting support at the $51 price level. Because the market's selling strength exceeded buyer strength, the Litecoin price may not stay above that level for long.
On the other side, if buying strength stabilises slightly, LTC has the ability to move above $56. Increasing market strength will be crucial for Litecoin in the upcoming trading sessions.
The coin's indicators continued to show that it was in a downtrend. The sellers maintained control of the charts, possibly bringing the coin down below $51.00.
If buying strength does not come back soon, LTC might go under $51.00 before rebounding on the chart. The Relative Strength Index was below the half-line, indicating that sellers outweighed buyers.
On the one-day chart, the coin continued to offer a bearish picture, with sellers taking control. The price momentum and movement are shown by the Moving Average Convergence Divergence. MACD showed red histograms, indicating a sell signal for the coin.
According to Crypto Price Analysis, The market capitalization of this LTC is estimated to be $3,822,550,806. The 24-hour trading volume for the coin is around $406,718,480. LTC market capitalization has risen by 1.37%. However, trade volume decreased by 22.97% during intraday trading. The market capitalization to volume ratio is 0.1072.
On the upside, the price is facing resistance at the $54.25 level. On the 4-hours chart of the LTC/USD pair, a key bearish trend line is forming with resistance near $54.25. The next significant resistance level is at $55.00. The 61.8% Fib retracement level of the crucial drop from the $58.44 swing high to the $50.01 low is also around the $55.00 level. A clear move above $55.00 might push the price up to $58.00 or possibly $60.00.
On the downside, an immediate support level is at $52.80. The next major support is at $52.00. If the price breaks below the $52.00 support level, it may accelerate lower below the $50.00 level in the short future. If the $50.00 level is not sustained, sharp panic selling may occur at $45.00.
KEY LEVELS :
RESISTANCE LEVEL: $56.00-$59.00
SUPPORT LEVEL: $51.00-$48.00
Will LTC go through $55.00 or drop back to $51.00 as bulls and bears are confused? What are your opinions?
