- Litecoin Records A Bearish Trend Around 7-day Low Price As It Dips To $59
Despite the current bearishness of Litecoin, LTC, crypto analysts had predicted an upward movement of the cryptocurrency. Hopes were high as the coin seems to be comparatively performing stronger globally in the crypto market. Unfortunately, LTC continues to trade at a bearish price. Litecoin News Today gives updates on LTC price. Currently, the cryptocurrency has plunged below $60 which is the major support level.
LTC Today– Litecoin is likely to sink if coin remains at the current price
According to Litecoin News, Litecoin recorded a further dip earlier today as it slides to $59. The crypto asset, which previously trades in the “strong-buy” phase had shifted to the “strong selling” zone. Currently, the LTC price is below the major support level of $60. Also, the coin is likely to experience a major sink if the LTC/USD dips below this support level.
Considering the daily moving averages, it appears Litecoin has completely lost the ground. Besides, the daily short-term moving averages offer no support to the digital currency. LTC News Today noted that Litecoin had traded and tested the major supports due to the downside breaks. An S/R flip has occurred converting the previous major supports into major resistances. Consequently, the resistance levels become $60, $61, and beyond. However, LTC will be a loss-making investment if its price permanently remains on the downside below $60.
Litecoin is currently near its 7-day low, having plunged below $60. An analysis of the LTC/USD movement within the day on Coinbase showed that the slight dip is marginally volatile. The coin has traded in the range of $59.05 to $61.92. The movement has shown an equal number of green and red candle formations within the specified period.
LTC News noted that the coin initially traded at $61.50 yesterday. It broke the upper band and reached the range at $61.92 when the narrowing of the Bollinger Bands occurred. The candles formed in the price trend made an inverse turn as the bands widened. LTC traded at the major support level of $60.13 when its price broke the lower Bollinger Band.
LTC price maintained a moderate run until its major catalyst led to a break that caused the red candles to break the lower band. Consequently, the cryptocurrency trades at the lowest level of $59.05. This plunge has led to a decline in the LTC market. However, the coin may recover as anticipated by analysts.
Litecoin (LTC) Price Today – LTC / USD
Name Price $45.85 3.39%
In its analysis of the intraday movement of LTC, Litecoin News noted that the MACD of LTC/USD, which has been inclined at zero, has dipped below it. The MACD line is not below its 7-day low. It overpowers the signal line and may make an upward movement. Accordingly, the MACD of the pair has a bullish crossover. The RSI of LTC is in the strong selling region as the coin is inclined to the oversold zone at 28. The current dip of LTC may lure a major plunge in the near future. However, analysts anticipate an upward momentum of the crypto asset.