It appears the entire digital asset market may soon be entering a reversal trend after a period of high volatility. Prices have dropped and increased consistently during this time. Several top digital assets have endured horrible periods and rose from the ashes only to slump against the USD once again. This has been the case in recent days. Now that June has ended, and we have entered July the trend doesn’t look like it will become better as of July 2 (as can be seen with the opening price of Litecoin).
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Prediction: Litecoin Price Has Seen Intraday Losses of 6%
As stated above the crypto market is now in reverse gear after it managed to hit the brakes at the 2019 high points. Litecoin price endured as one of the worst hit cryptos with intraday losses of nearly 6% on the day. Although the months of May and June saw a number of record-breaking barriers on the upside, the month of July appears to be the period where the bears will return to the scene. According to one analyst, Bitcoin price will go down to $6,600.
Via the 1-hour chart for LTC/USD trading pair, we can see how Litecoin attempted to make headway over the 61.8% Fibonacci retracement position between the last high at $149.20 to the low at $107.80. Correction near $140 lost steam when prices reached $137.79 which opened the Pandora box. It seems this is where the bearish pressure took over and caused a massive price reversal with the 100 day Simple Moving Average at $123.16 failing to offer any support. Litecoin price dropped further and went under the $115 position. It went on to form a low point at $112.48.
Litecoin Price Prediction: Investors Hope the $110 Support Position Forms a Double Pattern
The price declines that occurred towards the end previously explored the levels below $110 and went on to form a low point at $107.80. Investors are now hoping that the 110 support position will create a double-top pattern. This move is expected to pave the way for price gains over $130. As of press time, price declines for the cryptocurrency are still imminent as Litecoin price stood at $114.
The technical levels for the asset class are strongly bearish. This begins with the Relative Strength Index at the 37.61 level. It is still in a downward pattern after failing to stay over the average price level. The MACD (Moving Average Convergence Divergence) pattern via the 1-hour chart is sending bearish signals with the positive divergence point sliding new the negative.
Looking from the upside, the price of Litecoin will face the next resistance point at the 23.6% Fibonacci retracement level. While the coin’s second resistance point of $120 will pave way for a second correction towards the $130 level.
Litecoin Price Prediction: Key Technical Levels for the Price of Litecoin
The technical levels for Litecoin have gone bearish as there are key support areas at $110 and $100. The crucial resistance points are at $120 and $130. While the Moving Average Convergence Divergence for LTC/USD shows a negative divergence. This suggests a further drop in price. The Relative Strength Index has seen a sharp downtown. This means there’s strong bearish momentum for LTC/USD.