Litecoin Price Analysis: LTC Token Showcases Weakness, Reversal Expected Soon

  • LTC token price fell almost 20% in the last week after hitting the $400 mark as predicted. 
  • The coin price is trading above all major EMA’s, with a huge wick, in the weekly timeframe.
  • The LTC/BTC pair is trading at 0.006489 BTC, an intraday growth of 0.99%

LTC token price decreased almost 20% after reversing from the $400 mark, as predicted in the previous litecoin price analysis. The small-bodied green candlestick formed with the long wick indicates that the bears are trying to control the trend in the weekly timeframe. The coin price is moving up with higher highs, but the underlying weakness of the trend is ready to reverse it.

The live Litecoin token price today is $318.81, with a 24-hour trading volume of $5,399,117,191. The coin is up 2.16% in the last 24 hours. The current ranking is #12, with a live market cap of $21,281,412,199

Underlying power shifts from bulls to bears, LTC token foresee a reversal

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LTC token price has been rising higher by making a U-shape pattern in the monthly time frame. The coin price showcases underlying weakness in an uptrend with long wicks formation in the monthly time frame along with the bull run. A decent volume range accompanies the coin price, indicating a large number of players who might turn bearish soon. 

As per the daily timeframe, the coin price is trading above the 50 and 200 EMA, which indicates an uptrend, and the high volume is something investors might want to look forward to as this will be the deciding factor. However, the coin price is retracing back to the 50 EMA indicating short term downtrend. 

The token price is trading above the parabolic SAR weekly and monthly, indicating an uptrend still in action.

The ADX, in the weekly timeframe, reflects a fast-growing trend momentum, and it is trading at 53 while the slope in ADX is moving higher.

Conclusion – LTC token price did fall 20% this week, but support from 50 EMA can bounce the price back up. Investors may want to wait as the uptrend might continue a little longer. 

Support- $300

Resistance-$450

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Vishal Dixithttp://www.thecoinrepublic.com
Vishal Dixit is a technical analyst with over a year of experience in the Indian stock market. He likes to read, learn and practice more about cryptocurrency, Forex, and Equity. He possesses strong technical and analytical skills in the financial market which comes from a strong background as a chemistry graduate and chess enthusiast.

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