Litecoin Price Analysis: Bearish Outlook
The price of Litecoin (LTC) has dropped from its recent high of $79. Buyers have struggled to sustain positive momentum above the $80 mark, resulting in a decline. On December 19, the bearish trend pushed the price down to $68, but the bulls managed to buy the dips and push it back up to $71.
Despite a significant buying signal at lower levels on December 18, further downward movement is unlikely. Currently, Litecoin is trading within a narrow range of $70 to $76. If it loses support at $70, it may fall back into the previous range of $60 to $70.
Litecoin Indicator Analysis
LTC price bars have fallen below the moving average lines, indicating a further decline. However, there is a slight upward correction in the altcoin’s downtrend. The moving average lines are sloping upwards, suggesting that the previous trend is still intact.
Technical Indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What’s Next for Litecoin?
Litecoin is currently in a downtrend but still trading within its range below the moving average lines. It has retraced and reversed after reaching the $68 support level on the 4-hour chart. If it breaks above the $72 resistance level, Litecoin may continue to rise. However, it has faced resistance at $76 since November 9.
Hot Take: Litecoin Faces Bearish Pressure
The price of Litecoin has been unable to maintain positive momentum and has fallen below key support levels. While there may be some minor upward correction in the short term, the overall trend remains bearish. Litecoin’s inability to break through resistance at $76 suggests a lack of buying pressure. If it fails to hold support at $70, the price may further decline towards the previous range. Traders should closely monitor Litecoin’s price movements and key levels to make informed trading decisions.
By
By
By
By
By