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Litecoin is a seller favorite and shows a bearish chart structure, forming lower low sequences for the past sessions. Furthermore, the price action indicates the short buildup activity and suggests the downtrend will lead the price to retest the round mark of $50 soon. Moreover, Litecoin has persisted in splitting the support zones decisively, and failed to sustain the gains over the past sessions. However, the chart showcased that bulls are tightening the 20-day and looking to prevent another selloff. iBesides the downtrend, if LTC manages the gains near $65, a comeback toward the neckline of $75 can be anticipated but needs a solid momentum to trap the short positions. If a bounce comes, bulls need to protect the gains. Otherwise, it gets sold quickly and may spoil the initial momentum.
Litecoin price was in a corrective phase and persisted in dragging the gains, and being in the oversold region indicates seller dominance for the past sessions. Additionally, the bulls did not showcase strength, and a lower investor interest signals that LTC may have further headwinds and will settle at $50 soon.
At press time, Litecoin price is trading at $64.79 with an intraday gain of 1.58%, showing an attempt to rebound. Moreover, the trading volume increased by 3.62% to $229.82 Million, and the pair of LTC/BTC is at 0.00245 BTC. However, the market cap of LTC is $4.77 Billion. However, Analysts have maintained a sell rating and suggest a negative outlook for the following sessions.
Will Litecoin Price Attain Pace Above $70?
On the daily charts, the LTC price is below neutrality and witnessed strong selling pressure. Furthermore, the chart structure depicts that buyers failed to attain a reversal and faced failures, which resulted in a downtrend. LTC lost its supremacy and shed over 51% of gains in the past three months.
The RSI is near neutrality and rebounded from the oversold region, indicating a bearish divergence, which is a negative sign for further sessions. The MACD indicator shows a bullish crossover and formed green bars on the histogram, suggesting neutrality on the chart.
Summary
Litecoin price is on a bearish track and has lost the gains, forming lower lows in the past number of sessions. Sellers did not look back and persisted in pushing LTC to the origin from where the rally started.
Technical Levels
Support Levels: $60 and $55
Resistance Levels: $70 and $80
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
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.
