Litecoin Price Analysis: 43.50 looks like a strong support level
- Litecoin is trading 0.86% lower on Thursday as crypto sentiment remains weak.
- There are some key levels on the downside to keep an eye on.
LTC/USD 1-hour chart
There is a head and shoulders pattern that has emerged on the hourly chart which could send the price lower. But stopping this there is also a stubborn support level at 43.50 which the bears need to crack. To add it the bearish woes the price is also trading below the 55 and 200 moving averages.
For the bearishness to be confirmed the black trendline at the bottom of the chart will also need to be taken out. Looking at the technical indicators the MACD and the Relative Strength Index are also looking bearish.
The MACD histogram has dipped below the mid-point and the signal lines have also moved below the zone too. The Relative Strength Index has dipped below 50 and there is still space for it to move into the oversold area. Overall, the market is looking bearish and the head and shoulders target will take the price close to the 42.00 area but first, the trendline needs to break and then the bear will be in charge.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
