Litecoin has seen a price gain of +0.57% in the last 24-hours, correcting to $50 at the moment. The recent bearish shock-wave is still affecting the market as the key resistance holds at $52-$53 price zones. Meanwhile, the crypto trading signals a low trading volume which is now above $2 billion with a market cap of $3.1 billion. At the time of writing, LTC demand is slowly rising but remains under bearish control on s long-term.
Litecoin (LTC) Price Analysis: Daily Chart – Bearish
Key resistance levels: $55, $60, $78
Key support levels: $47, $43, $40
The daily outlook for Litecoin is dominantly following a bearish bias as the market subdues with price actions. The bears are currently running out of momentum on the intraday trading. Following the October 23 price dump to $47, Litecoin is now recovering towards the wedge’s upper boundary at $55. The market is currently supported by the RSI 50 – correspond with the $47 support.
We may see next support at $45, $43 and $40 if $47 fails to contain selling pressure. Looking at the MACD, the crypto trading signals that the LTC market is still bearish at the moment. A positive cross may trigger a sharp rise above the wedge formation to $60 and $78 in no time. But as of now, the bears are in play.
Litecoin (LTC) Price Analysis: 4H Chart – Bearish
Since October 8, Litecoin is maintaining a bearish bias on the 4-hour chart. The price recently fell to the channel’s support $47 after a massive decline but has now bounced off to $50. Despite the slight correction, the bears are still considered to be in control of the market. However, the retracement move is expected to reach the channel’s upper boundary at $52. As we can see, the RSI is rebounding toward the 50 levels.
The MACD has switched to the negative, showing that the bears have assumed control of the market. However, the ongoing price increase has kept the bears in suspense. Resuming pressure might swing the market back to the channel’s support. For now, Litecoin is holding support at $47.
LITECOIN BUY SIGNAL
Buy Entry: $50
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.