•LTC/USD is currently priced at $48.91 and has decreased by 1.00% over the past day
•The trading volumes have decreased by 7.56% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Litecoin bears angling for a sustained run
The Litecoin price today is $48.91 USD with a 24-hour trading volume of $367,315,931 USD. Litecoin is down 1.25% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.1062 for the altcoin.
According to today’s price action, should Litecoin close the day below immediate support at $48, it would slip back into the demand zone with the possibility of dropping further down. Increased selling pressure could send Litecoin’s Price tumbling down to the $45 support level. On the flip side, the immediate resistance for the asset is placed at $50 which can only be scaled through a consolidated effort by the bulls. The asset is still reeling from the after-effects of the shock the market experienced a few days ago as it is transacting below the 20,50 SMA on the four-hour chart.
Long-Term View for Litecoin Price
The technical indicators for Litecoin suggest the bearish sentiment is still playing out in the market at large. The RSI transacts at 43.13 and has moved below the 14-day average line. A bearish crossover can be observed on the daily chart of Litecoin, which has resulted in the development of red histograms on the daily charts. The MACD and signal lines are still transacting in the negative territory, which adds to the investors’ bearish stance.
Conclusion
Litecoin resumed its slide on Wednesday, giving up the gains it had eked out over the weekend. The technical indicators for the asset suggest that the bearish momentum is yet to subside.
Support: $48-$45
Resistance: $50-$55
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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