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- 1 Litecoin was currently at $88.06, decreasing by 3.07% during the intraday trading session.
- 2 The 24-hour low of LTC was $87.87 and the 24-hour high of LTC was $91.27.
- 3 The current Litecoin token price is between 50 and 100-Day EMA.
The pair of LTC/BTC was trading at 0.003931 BTC with a dip of 2.97% over the intraday trading session.
Litecoin’s price analysis suggests that it is currently in a downtrend. Since the start of 2022, the token was in a downtrend as shown in the daily trading chart. This indicates that the bears were actively selling the token since the start of the year 2022. Buyers tried to keep the coin above its secondary resistance but sellers took control of the market and pushed the token below its primary support forcing it to make its new 52-week low after May 2022. Since then the token was consolidating between its primary and secondary resistance till November 2022.
But after that buyers came back into the market pushing the coin upwards breaking its primary support on its way up near the end of 2022. After the start of 2023, the token maintained its upward movement with the support of buyers breaking its primary resistance on its way to reaching its secondary resistance. But after touching its secondary resistance the token began consolidating between its primary and secondary resistance.
The volume of the coin has increased by 6.33% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is no relationship between volume and the price of LTC, which represents weakness in the current bearish phase and a possible reversal.
Litecoin Price Technical analysis
RSI is decreasing in the oversold zone and is showing a negative crossover which indicates that the sellers are coming in the majority and pushing LTC downwards. This suggests the strength of the current bearish trend. The current value of RSI is 40.41which is below the average RSI value of 47.95.
The MACD and the signal line are decreasing but not showing a definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Litecoin price analysis suggests that the token is in a downtrend. 2022 can be said not so good year for the token because the token was declining throughout the year which can be seen on the daily chart. But near the end of the year the token started rising but again after reaching its secondary resistance the token began consolidating. The increase in volume shows positive market sentiment towards the token. RSI and MACD both are decreasing over the daily chart showing strength in the current bearish trend, as per the technical indicators. Traders should make trade with caution in the market.
Technical Levels-
Resistance level- $85.917 and $102.040
Support level- $63.444 and $47.810
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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.
