Litecoin Price Analysis: LTC Token’s Buy the Dip Moment Arises After a 42% fall

  • LTC token price fell 42% in the last two weeks and found support near the $220 mark.
  • The coin price is trading just below the 50 EMA in the daily timeframe, while the price is ready to head lower to 200 EMA.
  • The LTC/BTC pair is trading at 0.006316, an intraday fall of 23.88%.
Source – TradingView

LTC token price fell almost 45% in the last two weeks to close in on the $200 mark. The large-bodied red candlesticks formed with the long tails reflect that the bulls are not giving up quickly, in the daily timeframe. The coin price might again move up with higher highs, increasing the possibility of a new all-time high-level formation in the daily timeframe. The decreasing selling volume does imply some underlying weakness in the bear attack. 

The live LTC token price today is $241.03, with a 24-hour trading volume of $7,736,052,004. The coin price is down 23.88% in the last 24 hours. The current ranking is #10, with a live market cap of $16,089,429,035.

LTC Token’s fall is close to an end as Investors might buy the dip. 

Source-TradingView
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In the daily timeframe, LTC token price has been rising higher by making new higher highs and trading above the critical 50 EMA. Along with the fallout of 50 EMA, the coin price might dive more profound than the depth of $200 level. A decent selling volume range accompanies the coin price, indicating that trend is strong and might continue even further. 

However, the level of $220 is encouraging the bulls to push the price up. As per the pivot points and price action, the following resistance levels are at the $342 and $410 level, whereas the immediate support levels are $194 and $125.

As per the daily timeframe, the coin price is trading just below the 50 (yellow) and is heading lower to 200 (white) EMA, which indicates a downtrend. However, the 200 EMA might be able to push the price back up.

The RSI (slightly bearish) indicates bearish momentum while trading at 31. The RSI line is heading deeper into the oversold zone, and bearishness can be expected from RSI until near 22.

The ADX reflects a fast-growing trend momentum after the recent breach of 50 EMA, and it is trading at 38 while the slope in ADX is moving higher.

Conclusion – LTC token price did perform a breakout of the 50EMA and is expected to fall below the $200 mark. Investors may find this an excellent opportunity to buy the dip after the price finds support near the trendline or 200 EMA.

Support- $194 and $125

Resistance-$342 and $410

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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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