TL;DR Breakdown
- Litecoin price dropped another 5 percent over the last 24 hours
- Price continues on decline that began at $131.6 on February 16
- LTC market cap dropped more than 5 percent after a 15 percent price decline over the weekend
Litecoin price analysis shows bearish signs today, as its decline continued over the weekend. Price shipped as low as $109.15, the lowest level since February 3 which came about as part of the overall market dip at the end of January. LTC lost 5 percent in market cap over the day’s trade, the same as in price while trading volume dropped 14 percent to paint a significantly bearish outlook for the token.
Having dropped to $110 at current trade, the support sits at $106.75 with resistance at $120. If the decline in progress comes to a halt, Litecoin may present a buying opportunity at current trend and plot a move towards resistance over the next 48 hours. In case the bloodbath continues, LTC may be looking at support towards $99.
The larger cryptocurrency market showed similar sights, as Bitcoin dropped back to $38,000 with a 4 percent decline over 24 hours. Ethereum also dropped 4 percent to move just above $2,500, while Altcoins showed rather mixed results. Dogecoin and Tron dropped 2 and 3 percent, respectively, whereas Solana gained 1 percent to move to $89.14 and Ripple rose 2 percent to sit at $0.79. Meanwhile Cardano dropped 5 percent to $0.94.
Litecoin price analysis: Majority technical indicators predict bearish upcoming 24 hours
The 24-hour candlestick chart for Litecoin price analysis suggests that the bearish trend is set to continue over the next 24 hours. Buyers are expected to continue dominating with the next resistance point sitting at an extension from current trend. Price currently sits below the crucial 25 and 50-day exponential moving averages (EMAs) and an only uptrend is possible once this point is crossed. Another resistance level for LTC sits at the 38.2 percent Fibonacci retracement level at $132. This level looks to be a daunting possibility in the near term, but would eliminate the bearish outlook as LTC will then target the 50 percent retracement at $140.
On the 24-hour chart, the relative strength index (RSI) can be seen at a lowly 38.74, indicating very little market valuation, while the moving average convergence divergence (MACD) shows bearish highs below its neutral zone. Litecoin traders need to be vary of potential sell-offs below the $100 mark, from where a further descent to $95 may also be a distinct possibility.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
