- Litecoin price after a significant selloff now reaches near the support area of 50-day moving average and at a crucial trend line
- The coin, after creating a new all-time high of $412 and now LTC continuously witnessing a selling pressure and has created a strong downtrend
- The pair of LTC/BTC is down by -2.02%, standing at 0.006331 BTC; similarly, the pair of LTC/ETH is CMP at 0.08347 ETH with intraday gains of +2.96%
Over the monthly chart, Litecoin price reaches near the initial support zone of 50-DMA. After creating a new all-time high of $412, LTC is experiencing a significant selloff. The coin price now reaches near the crucial support zone of 50-DMA and near the vital trend line. While, if the coin manages to sustain above 50-DMA, we can see a good price recovery. Similarly, if LTC breaks 50-DMA, we can observe more selloff until the vital trend line acts as a rising support line. Support on the lower side is at $270 and $230; likewise, resistance on the higher side at $340 and $420. However, after a meaningful or healthier correction, we can see the positive momentum or pullback soon.
Weekly Chart Projects a Significant Bearish Momentum
Litecoin price over the weekly chart projects a significant bearish momentum, and all technical parameters suggest weakness. Meanwhile, the coin is now near the support zone, and we can see some recovery or pullback from lower levels. However, the overall trend is still bullish, and every dip can be used for accumulation. Presently, LTC price is trading at $285 with an intraday loss of -7.60% and volume down by -6.75%, standing at $5,450,642,009.
Relative Strength Index (BEARISH) indicates bearish momentum while trading at 36.62. However, after a sharp selloff, LTC is trading near the oversold zone, and soon a positive pullback or momentum can be expected.
Moving Average Convergence Divergence (BEARISH) currently indicates a bearish trend on the daily chart. It is trading with the significance of the seller’s line (red) over the buyer’s signal line (green). While both the lines are overlapping each other and no clear momentum is seen.
Support levels: $270 and $230
Resistance levels: $340 and $420
