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.

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.

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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