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- Litecoin (LTC), at the time of writing this analysis, was trading at $74 and is likely to have a trend revision from bullish-to-bearish
- Over the past seven days, LTC price has grown by over 12% from the bottom of $66.06 compared to the current trading price
- The H&S created is hinting towards a bearish trend as the price trend is forming consistent lower lows and if the same continues, we project a downtrend
- Currently, the crypto is experiencing a bearish crossover due to intraday corrections and volatility
Litecoin’s rising trend falls below the major psychological support of $75 as it trades at $74.55. The red candlestick breakdown has led the coin to gradually slide below $80 and $75.
Litecoin Price Analysis:
Analyzing the hourly LTC/USD movement on Coinbase, we see that the coin had temporarily hit bottom at $66.06 after marking a fresh 90-day high at $84.44 in the second week of the ongoing month. The downtrend has been in action after the price of Litecoin mounted at a new high. The 20-day Bollinger Bands laid show moderate volatility in the upcoming days with gradual support from 200-day daily MA.
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Alongside, Bitcoin is also trading below $10,000 for the 6th day in the row, but there happened to be a momentary bullish breakout before yesterday’s close, which apparently was not enough to have a persistent trade.
Technical Indicators of LTC:
The technical indicator assigned exhibit bearish crossover due to intraday correction and a red candle breakout as the signal line cuts above the MACD line of Litecoin.
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While the RSI of LTC is at 47.16 and withholds no trading extremities at present. As per LTC forecast, the currency might continue to trade in a similar momentum.
