Recent Litecoin price analysis shows that the coin has been on a downward trend, losing more than 4 percent in value in the last 24 hours. The LTC/USD pair is currently trading at $60.69 after hitting lows of $60.03 earlier today. The coin has been trending down since the beginning of the month, when it was trading as high as $70.50. However, the bears have been in control and have pushed prices lower.
The 24-hour trading volume for the coin is $437 million and the total market capitalization is $4.32 billion. The LTC/USD pair is currently 27% below its monthly highs. On the daily chart, Litecoin price analysis shows that the coin has lost more than 8% of its value in the last 7 days.
LTC/USD 1-Day Price Analysis: Bears Take Control
The 24-hour chart for Litecoin price analysis shows that the LTC/USD pair has been in a downtrend for the past 24 hours. The LTC token was in a positive trend as it rose from $59.73 to $64.04. However, the bulls failed to maintain the momentum and prices started to fall. The MACD is currently bearish, as expressed in the red color of the histogram. However, the indicator is showing low bearish momentum as it has just made a crossover due to the strong bearish activity taking place in the last few hours.
The 50 EMA is trading below the 200 EMA, which is a strong bearish sign. The EMAs are currently bearish as price is trading below both. The RSI indicator for the LTC/USD pair is currently at 43.03, which shows that the market is currently in the oversold region. The stochastic indicator is also in the oversold region, but it is starting to head towards the center.
LTC/USD 4-hour price chart: LTC finds support at $60.03
The hourly chart for the LTC/USD pair shows that the bulls have been trying to push prices higher in the past few hours. The LTC token was trading at a low of $60.03 but has found some support at this level and is currently trading at $60.69.
The 4-hour Moving Average Convergence Divergence indicator shows that the market is currently in a downtrend as the MACD line is trading below the signal line. The Relative Strength Index indicator for the LTC/USD pair is currently below the 50 level, which is a bearish sign.
The EMAs are currently trading around the middle position as the net price movement over the past seven days remains low. However, as the markets see selling activity, the EMAs are showing signs of a bearish divergence, with the 50 EMA taking the lead as it moves lower to reflect recent price movements.
Litecoin Price Analysis Conclusion
Overall, Litecoin price analysis shows that the coin is trading in a downtrend as the bulls failed to break above the $64.04 resistance level; however, if the bulls can take control and push prices above the $64.04 resistance level, we could see the price target at the $66 resistance level. However, if the bears continue to exert their pressure, we could see prices heading towards the $60 support level. The market is currently in a downtrend as reflected by the indicators.
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