Litecoin Price Analysis: LTC/USD falling within a descending channel

Litecoin price action continues to follow the confines of a descending channel after the recovery in the last week of April stalled under $50. The channel support remains instrumental in slowing down the selling pressure. Also vital to the buyers is the short-term support range; $44 - $45.

At the time of writing, LTC/USD is trading at $46.85 while battling the afore-mentioned channel resistance. A breakout above this channel could allow bulls to take the fight back to the critical $50 level.

According to the RSI’s downward movement from levels close to the overbought, the selling pressure is likely to continue. The same bearish trend is emphasized by the MACD. Although the indicator is still in the positive region, upward movement stalled at 0.23 while the bullish divergence is narrowing. In other words, Litecoin is poised to test the support range at $44 $45 in the coming sessions.

Besides, the key support range, other areas of interest to the bulls include the 50 SMA ($46.67) in the 2-hour range. The 100 SMA is also in line to stop losses at $45.68 while extended declines will seek refuge at $40 and $35 levels respectively.

Litecoin price intraday levels

Spot rate: $46.85

Percentage change: -1.09%

Relative change: 0.5360

Trend: Bearish

Volatility Shrinking

LTC/USD 2-hour chart