Litecoin price is trading in a bearish trend zone and remains at a risk of more downsides below the $52.00 and $50.00 support levels.
Litecoin Price Technical Analysis
Yesterday, September 26, the price of Litecoin was in a Bearish trend, trading below the 12-day and 26-day Exponential Moving Averages (EMAs). On September 23, Litecoin price declined sharply from $80. The bears broke the key $72 and $70 support levels to move into a bearish trend zone.
The market tumbled below the $65.00 support level down to a new monthly low at $50 level. At the time of writing, Litecoin price consolidating losses at the $55 level. On the upside, if more buyers emerge, the price will recover towards $60. On the other hand, if the bearish pressure intensifies, the coin will retest the $52 and $50 support levels.
Meanwhile, the Moving Averages Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
LTCUSD Price Short-term Analysis
On the 1-hour chart, LTCUSD price is in a bearish trend. The 12-day and 26-day EMAs are sloping downward, thus indicating that there is a risk of more downsides. We will wait for the decline to end and a new reversal pattern to form before suggesting a trade in it once again. The MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $60, $62, $65
- Support levels: $52, $50, $40
Disclaimer
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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