Litecoin (LTC) Price Analysis – Amidst Bearish Sentiment: Litecoin Posing For Positive Move

Litecoin (LTC) Price Analysis – Amidst Bearish Sentiment: Litecoin Posing For Positive Move

The weekly bearish volatility has continued to become notable for some days now but it may suspend soon. A weekly short opening at $44 now makes Litecoin record a daily low of $36. With -4.47% losses, Litecoin is currently the sixth-largest cryptocurrency by market cap. We can expect more positive move if the bullish pattern on the 30- minutes plays out.

Litecoin (LTC) Price Analysis: Daily Chart – Bearish

Key resistance levels: $40, $42, $45
Key support levels: $35, $33, $31

The daily chart for Litecoin shows that the market continues to aim the channel’s lower boundary, though the bearish scenario is likely to end soon. Meanwhile, there’s still a room for a more southward move as $35, $33 and $31support may be explored in the next few days. Taking a look at the RSI indicator, we can see that the market has entered the oversold region, which means the current price of is undervalued.

LTCUSD-Daily-Chart-December-18

Additionally, the MACD signalled a negative price action as momentum turns sideways. This means that the LTC market is indecisive at the moment. If the buyers show commitment, we may see a small buying pressure to $40 resistance. A continuous increase could allow us to test $42 and $45 resistance again. As of now, the bears are currently dominating the market.

Litecoin (LTC) Price Analysis: 30M Chart – Bearish

Litecoin is still trending bearishly on the 30-minutes time frame. But looking at the recent rejection at $36, the bulls are likely to step back into the market. We can see that Litecoin is brewing for a bullish surge. The white descending line seems to be suppressing the buying pressure. A successful climb could walk the buyers to $39, followed by $41 and $43 resistance.

LTCUSD, 30M Chart – December 18

Interestingly, the technical indicators are gaining recovery to the positive zone, though the MACD and RSI are yet to provide a crossover for bullish confirmation. In the opposite direction, Litecoin may keep rolling downward if the price action continues to respect the descending trend line. If such a scenario occurs, LTC may drop back to $36 and $35 support. The bearish trend would remain valid until buyers take control of the market.

LITECOIN BUY SIGNAL
Buy Entry: $37.7
TP: $40 / $42
SL: 35.9

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Author : Michael Fasogbon

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.