Litecoin Analysis: Litecoin Projects Bearish Trend; Plunges -33.23% From 52-Week High

  • Litecoin drops more on the daily chart due to week crypto market sentiments and now trading near the crucial support levels of $120
  • The LTC/BTC pair trading at 0.004065 BTC with an intraday drop of -1.98% 
source:tradingview

Litecoin price is trading on a bearish note and drops nearly -7.58% in intraday. The digital asset is trading under the descending triangle pattern, while its support is placed at $120, and $100 can be considered major support on a daily chart. Likewise, resistance on the higher side is set at $155 and $185. Currently, LTC is trading near the critical support of $120 while presently placed below the 20 and 50- Day Moving Averages(DMA). However, LTC is currently trading above 100 and 200-DMA, indicating no trend reversal from current levels. 

source:tradingview

Litecoin’s current price is placed at $124.43 with an intraday loss of -6.56%, the volume traded is $5,993,710,633, which drops over -2.27% in the last 24-hour. The total market capitalization stands at $8,257,680,726, which slips nearly -7.47% in intraday. The support on lower levels is situated at $120 and $110. Likewise, resistance on the higher side is placed at $135 and $147. LTC is trading under pressure on daily charts on account of weak global market sentiments, and one can use these tips for buying.

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Relative Strength Index (Bearish) indicates a Bearish momentum while trading at 33.71. However, it is currently heading towards the oversold zone after falling from higher levels. However, a bounce is expected as it looks oversold. 

Moving Average Convergence Divergence (Bearish) currently indicates a Bearish trend on the daily chart as it gives a negative crossover with the significance of sellers line(red) over buying signal line (green). 

Support levels: $120 and $100

Resistance levels: $155 and $185.

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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