LTC Coin Price Analysis: Will the Bears Keep LTC in Their Grip?

• The LTC price has declined by 0.02% and is trading at $65.56.
• The coin price is currently sustaining above the $58.50 level.

Litecoin (LTC) is a decentralized peer-to-peer cryptocurrency and is an open-source software project. It was designed to provide fast and low-cost payment by leveraging the unique properties of blockchain technology.

Litecoin (LTC) Coin Technical Analysis

The LTC coin price is currently trading at $65.56 with a decline of 0.2% in the last 24 hours with a trading volume of 152.589K. The current market cap of the coin is at 4,845,874 USD and has a circulating supply of  73,720,902 LTC coins. It has a maximum supply of 84,000,000 LTC coins.

Is Bearish Trend Over in the 1-Day Chart of LTC Coin? 

The LTC coin price is currently trading below $78.58. It also seems to be trading inside the range of $78.58 to $58.50. The price has initiated a bullish rally from the $58.50 support. The price has gained up to 12.37% in the last 20 trading sessions.

The LTC price has recently faced rejection from the 50 EMA. It is also trading below the 50 and 100 EMA lines. It shows the price is still under the control of the sellers despite the rise in the price.

The RSI is also in neutral territory. It indicates the indecisive behavior of the price as it faces pressure from both sellers as well as buyers.

The overview of the LTC 1-day chart shows that the price is in a bearish trend. It has recently commenced a bullish rally from the $58.50 support. However, it faced rejection from the 50 EMA, which put a stop to the bullish rally. 

As long as the price is sustained above $58.50 support, the chances of a rise in price could be seen. As the Bitcoin overall sentiment is bullish which would affect the Litecoin price in the future. If the LTC price rises and gives the breakout of the $72.58 resistance, it may rise to its next resistance at $81.06.

However, if the price breaks below its $58.50 support, it may continue its long-term bearish trend and could fall to the $50.00 level.

Conclusion

The overall chart of the LTC coin in the 1-day timeframe is bearish. The price is consolidating in a range of $58.50 to $72.58. This token’s indicators mentioned above are either bearish or neutral at the time of writing. Traders should wait for the confirmation of the future trend. If the price closes above $72.58, it may rise to $81.06 level.

However, for the price to continue its bearish trend, it should give the breakdown of the $58.50 level. It may fall to its next possible support at $50.00.

Technical levels

Resistance Levels: $72.58 and $81.06.

Support Levels: $58.50 and $50.00.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.