Litecoin price analysis LINK declines to $56.78 after bearish movement

Litecoin price analysis shows that LTC/USD is in a downtrend. LTC/USD is up 1.15 percent since yesterday and is currently trading at $56.78. Litecoin price faces strong resistance at $59.20 and if the bears manage to lower the price below this level, we could see a further decline to $56.11. LTC/USD support stands at $56.11 and that should provide some relief for the LTC bulls in the near term.

Litecoin price has been trading between $56.11 and $59.20 over the last 24 hours of trading while the market is expected to continue its consolidation phase. The 24-hour trading volume currently stands at $566 million, while Litecoin’s market cap is now around $3.61 billion.

The cryptocurrency market cap has been falling steadily over the past few days as it struggles to find any real momentum. The LTC/USD pair dipped below $60 on Sunday but managed to find some support around $56.11.

Litecoin 1-Day Price Analysis: The LTC/USD pair is currently trading at $56.78

Daily Litecoin price analysis shows that LTC/USD has been in a downtrend for the last 24 hours as the price has made lower highs and lower lows. The LTC bulls tried to push the price higher but failed as the bears continued to put up strong resistance. The LTC/USD pair is currently trading at $56.78, just above the $56.11 support. LTC bulls need to make a strong move to push the price back above $60.

MACD is also showing some bearish features as the signal line is above the histogram and MACD line. The RSI for the LTC/USD pair is currently at 41, which indicates that Litecoin’s price is in the oversold territory of the market. The 50-day and 200-day moving averages are downward sloping, which is a bearish sign for the LTC market.

Litecoin 4 hour price analysis: bears take control

The 4-hour price chart for Litecoin price analysis shows that the market is trading in an ascending parallel channel, but the bears are breaking away from this pattern while pushing the price lower.

The LTC/USD pair is currently trading below its moving averages, which is a sign that the bears have taken control of the market. The MACD line is also below the signal line, which is another bearish sign. The Relative Strength Index for LTC/USD is currently below the 50 level, which is a sign that the market is in bearish territory.

Litecoin price analysis conclusion

Litecoin price analysis shows that the bulls don’t seem to be able to maintain their impressive momentum after Litecoin surged to a high of $59.20. The cryptocurrency is currently at a critical point as it is testing the lower border of the descending triangle pattern and a break below this level could result in a further decline in Litecoin’s price.