Litecoin (LTC) Price Analysis – LTC Corrects 2.68% Loss But Bounce Back Is Likely

Litecoin (LTC) Price Analysis – LTC Corrects 2.68% Loss But Bounce Back Is Likely

After recording a yearly high at $147 on June 22, Litecoin’s price saw a six-month decline, bringing the price all the way to a current trading price of $44. The mid-year bearish correction has amounted to about -65% losses. Up until now, the sellers are still gaining control of the market on a long-term perspective. Overall, the price of LTC is down by -2.68% over the last 24-hours of trading.

Litecoin (LTC) Price Analysis: Daily Chart – Bearish

Key resistance levels: $49.5, $60
Key support levels: $42.6, $40

The market structure for Litecoin shows that the bearish bias is still very much dominant on the daily outlook. We can see that the downward range is quite significant in a descending channel. Though, the bearish pressure was recently paused by the November 25 rebound at $42.6. The price of LTC may continue to fall if the bears resume pressure in the market.

Litecoin (LTC) Daily Price Chart – December 9

However, the key support to look out for is $42.6, followed by a possible low at $40. Since last month, Litecoin has found support on the RSI 30 level. Conversely, the MACD is slowly rising back from the negative zone. If the market continues to recover, Litecoin is likely to climb back to $49.5 and $60 resistance before breaking or bouncing.

Litecoin (LTC) Price Analysis: Hourly Chart – Bullish

Following December 4 sudden price increase to $47.5, Litecoin dropped to $44 but now trading well inside a rising channel. Just about an hour ago, from $46, LTC fell sharply to channel’s support at $44.5. We can expect the price to bounce back to $45.5 and $46.5 resistance shortly. Despite the latest price drops, Litecoin is still considered bullish on the hourly chart as long as the channel pattern holds.

Litecoin (LTC) Hourly Price Chart – December 9

A price break would cause a lot of bearish pressure in the market as $44 and $43 may be explored. The latest sharp fall is revealed on the hourly RSI, making the LTC reach an oversold region. A price recovery can be expected soon. More so, Litecoin has now seen a bearish cross on the MACD indicator – suggesting potential sellers in the market.

LITECOIN BUY SIGNAL
Buy Entry: $44.7
TP: $46.5
SL: $44.3

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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.