Litecoin price analysis LTC heads downwards after facing $55 rejection

Litecoin price analysis is very bearish after yesterday’s decline worsened over the last 24 hours to push LTC to $50.33. The LTC price faced an unexpected rejection at $55 yesterday as the price looked like it was testing the resistance at $60. Currently, the $50 support level remains important for LTC to regain its bullish momentum. If the price breaks below this point, it could drop to the next support at $45, which is the lowest level since June 17, 2022.

Litecoin price is expected to show resistance around $60 and rally more than 20 percent to near $73.5. However, the bears have taken over the market in the last 48 hours and the main technical indicators are pointing to a faint reversal possibility.

The larger cryptocurrency market continued to decline overall as Bitcoin fell to $20,400, down 3%. Ethereum is down 3% to $1,100 while the leading altcoins are similar. Cardano was down 4 percent to $0.44, while Ripple was down to $0.31. Meanwhile, Dogecoin was down 6 percent to $0.063, while Solana and Polkadot were down 6 and 2 percent, respectively, to $35.01 and $6.77.

Litecoin Price Analysis: LTC price broke the $50 support on the daily chart

The 24-hour candlestick chart from Litecoin’s price analysis shows price moving significantly lower after yesterday’s reversal formation. LTC surged to $54.99 before sellers entered the market and started a massive sell-off. This downtrend has extended in the last 24 hours to take the price below the $50 support with another downtrend possible. LTC price has fallen below the important 50-day exponential moving average (EMA) of $51.88 and further below its 9-day and 21-day moving averages in the last 24 hours.

The 24-hour Relative Strength Index (RSI) shows a bear market forecast at 41.40, which continues to trend lower. Trading volume over the past 24 hours has mirrored the RSI readings, dropping more than 37 percent over the past 24 hours. Meanwhile, the moving average convergence curve (MACD) is forming a lower base and heading for a bearish divergence. As the price broke the $50 psychological support, LTC can be expected to further test the second $45 support level before forming a reversal.