Litecoin (LTC) Still In Bearish Territory, Is A Breakout Coming Soon?

Initially, it appeared that things were playing out in favor of crypto as in recent days the price of Bitcoin was set to initiate an unprecedented price pullback. This was the same thing with the price of Litecoin (which has seen its value double in quarter one of this year). Both digital assets led the recent crypto bull run. However, it appears that the price of Litecoin is indicating signs of market weakness.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$54.412.30%

 

Litecoin Price Prediction: How Does the Price of Litecoin Compare to That of Bitcoin in the Last 24-Hours?

Bitcoin (BTC) reportedly got to a five-month high when it was trading at $5,627 at press time yesterday. The digital asset is now trading at $5,450.37 according to CoinMarketCap. With the current price representing a 1% drop in the last 24-hours. It is essential to point out that the current figure, is still up by 10% from the $4,940 low BTC registered on April 15.

While the leading digital currency was able to record double-digit gains for the last 10 days, the story for its counterpart Litecoin (LTC) is a different ball game altogether. The price of Litecoin the world’s sixth largest digital currency fell by 13% in the same period. As of press time, the price of Litecoin stood at $73.

Litecoin Price Prediction: The Price of Litecoin Initiated a Major Decline After Breaking $80

The price of Litecoin broke $76.00 and $75.00 both support positions to enter bearish territory. It eventually initiated a major decline after breaking $80.00 which was a support area. The price of Litecoin traded close to $70.00 which was a support area. It is currently correcting near $75.00 which is a resistance position, where sellers are expected to emerge.

The price of Litecoin hasn’t been stable in recent days. It has been on a downward movement since April 6. The price of Litecoin fell from $96 to $72. Yesterday, LTC’s price fell from $78 to $72. The price of Litecoin now ranging below the 12 and 26-day EMAs. The bulls haven’t taken control since April 6.

Looking at the upside, if the bulls break both EMAs, the price of Litecoin will be in bullish trajectory. On the other hand, should the bulls fail to move above both EMAs, the price of Litecoin will depreciate to $60. Meanwhile, the MACD and signal lines remain below the zero pattern indicating a sell signal. The price of Litecoin is below the EMAs indicating that it’s in bearish territory.

Litecoin Price Prediction: The Price of Litecoin is Ranging in the Short-term

Looking at the 1-hour chart, we can see that the price of Litecoin sits in bearish territory. The price of Litecoin is holding $72 as the bulls broke the 12 and 26-day EMAs. Via the downside, should the bulls fail to hold above the EMAs, the price of Litecoin will fall into bearish territory and continue to fall. Meanwhile, the MACD and signal lines are under the zero line indicating a sell signal. The price of Litecoin currently sits under the EMAs indicating that it’s in bearish territory.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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