TL;DR Breakdown
- Litecoin price analysis is bearish today.
- LTC/USD saw a lower high set yesterday.
- Litecoin is currently trading at $248
Today’s Litecoin analysis is bearish today. However, there are some bullish signals from some of the technical indicators. LTC/USD still has a long way to go to reach any semblance of a bullish market.
The Litecoin price recently saw a sharp spike from its current support level at $250, eventually reaching all-time highs. Since then, we have witnessed an inevitable correction in light of a high volume bearish trend. The coin is still struggling to find stability, with volume remaining high.
The coin experienced a sudden spike after touching its current support level at $240. This same area proved resistant enough to prevent any further progress in the market.
LTC/USD 4-hour chart: LTC to be bearish over the weekend
On the 4-hour chart, today’s Litecoin price action has generated a slew of bearish indicators, which is likely to result in another retreat over the weekend.
Litecoin price analysis highlights the coin’s difficulty in breaking through key resistance levels. If history repeats itself, we anticipate continued downward pressure on the LTC/USD 4-hour chart.
The MACD indicator is beginning to flatten out and has crossed over at the 0 thresholds. Volume is still substantial, and we expect an increase should another leg downwards occur in this market.
This week’s LTC price movement was characterized by strong bullish momentum. After mainly trading sideways for the previous weeks, LTC/USD established a solid new low of $190 last weekend, which sparked renewed enthusiasm.
On Monday, the LTC/USD pair started to move higher, with the $270 mark being swiftly surpassed. On Wednesday, another spike followed, pushing the price to a high of $300.
The price of Litecoin has been fluctuating in a narrow range between $240 and $285 ever since the beginning of April. Since then, the price has retraced to test support at $255. LTC/USD attempted to advance overnight, peaking at $280 before swiftly returning to the $255 support level. The current support is at $240.
Litecoin Price Analysis: Conclusion
Litecoin price analysis is bearish today, as we anticipate a retracement in the next 24 hours. The push to $300 has been strong, but bulls will quickly realize key support levels at $240 and $230 are too strong to break today.
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