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•LTC/USD is currently priced at $120.68 and has decreased by 4.27% over the past day
•The technical indicators suggest a bearish outlook for the altcoin
•The trading volumes have decreased by 2% in the past day
Short Term View: Mounting selling pressure sees Litecoin price falling
The Litecoin price today is $120.68 USD with a 24-hour trading volume of $809,680,292 USD. Litecoin is down 4.27% in the last 24 hours. The trading volumes reduced slightly over the past day, suggesting the presence of sellers at the current price levels. The Volume to Market Cap Ratio stands at 0.09584 for the altcoin.
The four hour time frame is showing that the LTC / USD pair is trading below its major short term moving average, with a bearish death cross currently underway.A break below the $113 support level may provoke an even deeper decline towards the $104 level. If the altcoin can hold this bottom and begin to form higher lows again it may see a bullish trend start to form. The resistance, on the other hand, resides at $127 for the altcoin in the unlikely event of a bullish reversal.
Long Term View for Litecoin
The daily time frame highlights that if a rally fails to materialize then Litecoin could plunge even further. The RSI for the altcoin is currently transacting at 49.97 which indicates the presence of a large number of sellers in the market. The MACD indicator also paints a bearish picture as the histograms on the daily chart are red as a result of the bearish crossover that was recently observed on the daily chart.
Conclusion
Technicals for Litecoin reveal bearish trend metrics with the price below both the 20,50 SMA. The most significant upside support sits at $113. Price action below this level should quickly usher in further selling pressure in the market.
Support-$113-$104
Resistance: $127-$135
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
