Litecoin technical analysis: LTC/USD market sentiment remains bearish as short-term bullish comeback gets squashed
- Daily LTC/USD chart found resistance at the downward trending line.
- The four-hour chart is trending in a downwards channel formation.
LTC/USD daily chart
LTC/USD bears came out on top for three days in a row. The price dropped from $44.25 to $43.70 this Wednesday and is floating below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The bulls will need to break above the resistance provided by the downward trending line. The Moving Average Convergence/Divergence (MACD) indicates sustained bullish momentum.
LTC/USD four-hour chart
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The four-hour market is trending in a downward channel formation and is floating below the SMA 20 and SMA 50 curves. The price found support at the $43.55 and went up slightly to $43.70. The Elliott Oscillator has had four straight red sessions.
LTC/USD hourly chart
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The hourly chart shows us that the bulls were attempting a comeback before the bears squashed it and took the price below the channel formation. The SMA 20, SMA 50 and SMA 200 curves are floating above the market. The Relative Strength Index (RSI) indicator dropped to 39 from 43.75.
Key Levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
