Litecoin price recently embarked on a bearish movement and could accelerate losses below $42 until it settles above the $50 resistance.
Litecoin Price Medium-term Analysis
Yesterday, December 4, the price of Litecoin (LTC) was still trading bearish trend. After failing to break above the $50 level, the coin started to decline. Litecoin price broke below the $46.50 level and the 55 Simple Moving Average (SMA) to enter the bearish trend zone. The recent decline was such that the price even broke the $45 level.
Moreover, a new low is formed near $43 level. At the time of writing, Litecoin price is trading at the $44 level.
On the upside, if more buyers emerge, the crypto’s price rise will rise to retest the $50 and $55 resistance level.
On the other hand, if the bearish pressure intensifies, the coin will drop towards the $42 and $40 support level. Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
LTCUSD Price Short-term Analysis
On the 1-hour chart, the LTC price is in a bearish trend below the $46.50 and $48 resistance levels. It seems like the price could even test the $40 support unless the bulls gain traction above $46.50 and $49.20.
In the meantime, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance levels: $50, $52, $54
- Support levels: $42, $40, $38
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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