Litecoin bulls in deep trouble after support at 50-day SMA turns to resistance Litecoin bull in deep trouble after support at 50-day SMA turns to resistance
After the Litecoin price broke above the 50-day moving average (SMA) on Dec. 14, the bulls gripped the price and sent it to new heights on Dec. 15. But after a series of trading losses, the bulls are having a hard time hanging on. In the last 20 sessions, Litecoin has lost more than 25% of its value, and the price has dropped down to the support at the 50-day SMA.
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Based on the coin’s past performance, we have a bullish bias at current levels. The coin has been trading above the 50-day moving average for more than two months now, but the recent price action has led to a steep drop in the last few days.
Litecoin bulls in deep trouble after support at 50-day SMA turns to resistance Litecoin bull in deep trouble after support at 50-day SMA turns to resistance. Read more about litecoin trading price and let us know what you think.
Summary of the situation
Litecoin’s monthly high for June is $197.
The volatility of the Litecoin market is low.
The 50 EMA is down, suggesting sellers are acting aggressively.
Litecoin Price Analysis: Total price changes
Litecoin’s high for the month of June is $197. The current price indicates that the coin has lost at least 18.82% since it was minted on the 3rd. June was a record month. Buyers are unable to consolidate enough volume to break through two price barriers at $185 and $165. On the 2-day chart, the currency is stuck between $145 and $163. The $165 price simultaneously acts as a price barrier and support. Litecoin broke below $165 at the 24-hour close on Monday, and the currency remained below that support level throughout most of Tuesday and Wednesday. The report on the Litecoin market is bearish. One reason is that the currency is stuck near the lower trend line drawn on the 52-week chart at the December low. But compared to the broader market, Litecoin bulls are struggling to hold on and stay strong in the face of prevailing bearish momentum. All cryptocurrencies, including bitcoin, had a tough week. For example, the great hall went down to $31,000. Several other coins, Ethereum and its rivals Cardano and Polkadot, also corrected lower in yesterday’s chart. The 50 EMA is down, suggesting sellers are acting aggressively. The bears on the hourly chart continue to try to break through another support level at $158. Consolidation for reversal of price weakness on the 24-hour chart depends on profit-taking at the start of the downtrend, which could take LTC back above $165. Another sign of weakness is that the price is still hovering around the bottom of the widening Bollinger Band. The good news is that it points to a breakout above the upper boundary, but too far out – suggesting buyers are optimistic about breaking the downtrend.
Litecoin price movement in the last 24 hours: Negative oscillation
The MACD lines are getting closer but are still below 0 and at -1. This confirms the negative outlook for the Litecoin market. Moreover, the Relative Strength Index has entered an oversold state and is hovering around the 52 level, reinforcing the bearish move. The price of Litecoin has been fluctuating in the same price range for some time, indicating low volatility. The chart itself suggests low volatility; in particular, the 24-hour chart looks more like a line of moderately short candles. These are small corrections and little or no market activity. (Source: Tradeview)
The LTC/USD trading pair has dropped to $152 on the 4-hour chart. The bounce point from which the bulls were able to break out of the double bottom pattern and consolidate at the upper boundary of the pattern at $156. Although the current situation looks like a battle between the bulls and the bears, all indicators seem to be in favor of the bears. If the bulls fail to gain support from the broader market, this could lead to an exit from the arm wrestle and a pullback to lower support. In fact, there is a good chance that a downward sloping wedge is forming on the 4-hour chart. Therefore, expect a downward movement on the daily chart in the coming hours. On the other hand, the 50- and 100-day SMAs turned against the buyers and formed resistance. This increased the buying volume needed to activate the uptrend line. The only support the bulls can count on is the $145 level. At the time of writing, the current bracket is $150 and the price is $158.
Litecoin Price Analysis Number: Not cost-effective
Some traders will be tempted to exit their positions given the current carnage in the cryptocurrency market. However, the current bearish momentum is short-lived, while the long-term fundamentals are in favor of bullish. And since we have a positive long-term outlook, investors are better off keeping their positions rather than taking profits on purchases in May. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Litecoin bulls in deep trouble after support at 50-day SMA turns to resistance.. Read more about ethereum moving average and let us know what you think.