Litecoin price analysis indicates the market is facing a slight sell-off and prices have pulled back to the $66.24 after the market closed in a bearish manner on the previous day. The Litecoin market had a good start to the year as it surged higher and reached the $116.0 level in mid-April. However, the market has been facing some selling pressure lately and prices have pulled back to $66.24 currently. The prices are facing resistance at $71.5 and minor support is present at $65.4.
Litecoin prices have been trading between a range of $65.46 to $71.53 as the prices decline by 2.63% over the last 24 hours. The market capitalization stands at $4.09 billion, and the trading volume is noted at $3.31 billion currently. The digital currency is ranking position while it occupies 0. 37 percent of the total cryptocurrency market. The market is retrenching in a bearish manner as the RSI indicator readings retreat from the overbought levels. The MACD is also trending in the bearish territory and is currently converging with the signal line.
Litecoin price action on a daily price chart: Bears adamant, push prices further south
Litecoin price analysis on the daily timeframe indicates over the last 24 hours the price movement has seen dynamic bearish engulfing candlesticks form. This bearish reversal pattern is a sign that the market participants are losing confidence in the bullish trend and are now selling their positions. The stop-loss for this trade would be placed just below the $65.4 level as a breach lower would target the $60 level. On the upside, a move above the $71.5 area would signal a move towards the $80 level.
The technical indications show the prices are trading along with the descending channel support and a bearish reversal pattern is taking shape. The RSI indicator readings are trending in the overbought levels, suggesting that the prices may consolidate around current levels or retrace lower. The MACD indicator is currently trending in the bearish territory with a slight chance of a bearish crossover. The Bollinger bands are diverging suggesting increased volatility.
Litecoin price analysis: Recent developments and further technical indications
Litecoin price analysis on a 4-hour time frame shows the market is currently following descending channel support and the prices are trading close to the $66.24 level. The immediate resistance is present at $71.5, and a move above this area would signal a move towards the $80 level. On the downside, a breach of support at $65.4 would target the $60 level.
The Moving Average Convergence Divergence indicator is currently trending in the bearish territory with a slight chance of a bearish crossover. The Relative Strength Index readings are trending in the overbought levels, and the prices may consolidate around current levels or retrace lower. The moving averages line up in the bearish territory, and a bearish crossover would signal further declines.
The Bollinger bands are contracting suggesting decreased volatility in the market. Overall, the recent developments and technical indicators suggest that the prices may consolidate around current levels or retrace lower.
Litecoin price analysis conclusion
Litecoin price analysis in conclusion indicates a market that is currently in a correction phase after the prices surged higher in mid-April. The market is facing some selling pressure as the prices pulled back to $66.24. The technical indicators suggest that the prices may consolidate around current levels or retrace lower in the near term.
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