Litecoin Price Analysis: Is It A Bullish Signal For LTC Cryptocurrency Post Dump?

  • Litecoin price has dropped near the lower range of the consolidation phase and is attempting to stay at current levels.
  • LTC crypto has broken below the daily moving averages of 20, 50, 100 and 200 days.
  • The LTC/BTC pair is at 0.002897 BTC with a 3.43% daily decline.

On the daily chart, Litecoin’s price has fallen in a wedge-shaped pattern. Bulls on LTC attempted to maintain their position near the chart’s upper trendline to break out of the falling pattern. With steadily increasing momentum, the token is moving back towards the top trend line. This time, the bulls must unite to witness the token breakout. Bears are also attempting to reverse the token’s rise, pushing LTC back towards the lower trendline. For the token to break out, LTC investors will have to wait for the LTC bulls to hold their position at the edge of the upper trend line. LTC is currently consolidating between $50.00 and $65.00. The token is attempting to stay in the bottom of the consolidation phase and also to reverse the trend to push the LTC coin higher.

At the current approximate price, Litecoin’s market cap is down 9.21% over the past day to $54.43. However, during intraday trading, the trading volume increased by 23.14%. Having a small supply, the bulls need to advance to prevent the price of the LTC coin from falling too far. The market cap to volume is 0.1705. The ratio of market cap to volume is 0.1705.

LTC price is attempting to resist its downtrend on the daily chart. However, if bulls want LTC to rise, they must increase their own accumulation as it is currently insufficient. LTC needs to amplify its now-below-performing volume shift if it hopes to successfully break out of the pattern.

Technical indicators confirm this bullish sign for LTC!

LTC coin price is attempting to climb higher towards the upper trendline on the daily chart. The token attempts to bounce back within the range. In order for the coin to move back into the pattern, bulls must develop. Technical signs show that the uptrend for LTC is accelerating.

The bullish momentum of the LTC coin is highlighted by the Relative Strength Index. At 43, the RSI is approaching neutrality. The MACD shows the decreasing speed of the LTC coin. A negative crossover between the MACD line and the signal line is imminent. Investors in LTC should monitor the daily price chart for changing trends.

Conclusion

On the daily chart, Litecoin’s price has fallen in a wedge-shaped pattern. Bulls on LTC attempted to maintain their position near the chart’s upper trendline to break out of the falling pattern. With steadily increasing momentum, the token is moving back towards the top trendline. This time, the bulls must unite to witness the token breakout. Bears are also attempting to reverse the token’s rise, pushing LTC back towards the lower trendline. The token is attempting to stay in the bottom of the consolidation phase and also to reverse the trend to push the LTC coin higher. LTC needs to amplify its now-below-performing volume shift if it hopes to successfully break out of the pattern. Technical signs show that the uptrend for LTC is accelerating. LTC investors need to keep an eye on the daily price chart to spot changing trends.

Technical Levels
Support Levels: $55.00 and $50.00

Resistance levels: $61.00 and $65.00

Disclaimer

The views and opinions of the author or those referred to in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets involves risk of financial loss.

Leave a Comment