Litecoin Rejected At $55, Bears Might Drag LTC Below Immediate Support Line
13 Julio 2022 - 08:00PM
NEWSBTC
Litecoin attempted to rise on its chart, however, the bears were
still strong on the chart. Although the coin showed some recovery,
technical outlook pointed towards further decline. Bitcoin too has
lost steam as the coin plunged below the $20,000 mark. Broader
market weakness can be attributed to Litecoin’s downward price
movement. Closest support line for LTC stood at $45 and the price
of the coin was trading very close to the aforementioned support
level. The latest drop in price over the past 4 days have
invalidated LTC’s weekly gains. Ever since Litecoin lost the
support of $50, the coin has been on a consistent downfall. Buyers
have existed the market and that has caused LTC to further plunge
in value. With the slightest bit of demand, LTC could push upwards
and cross above the $50 price mark. The global cryptocurrency
market cap today is $924 Billion, with a 0.2% positive change in
the last 24 hours. Litecoin Price Analysis: Four Hour Chart LTC was
trading at $48 on the four hour chart. The nearest support line
rested at $47 and then $45. The technical outlook pointed towards
LTC’s possibility of dipping further on the chart. It might revisit
$47 and then could trade at a level lower. The overhead resistance
for the coin awaited at $50. If demand for the coin rises then LTC
might move above the $50 price level. For the bearish thesis to be
invalidated, the coin has to trade above the $51 level for a
considerable period of time. The amount of Litecoin traded in the
last session dropped indicating a fall in buying strength.
Technical Analysis The altcoin noticed a sharp decline in buying
strength over the past few days. As soon as LTC lost the $50
support, buyers started to quit the market. In consonance, the
Relative Strength Index was below the half-line signifying
overpowering of selling pressure. RSI however displayed a small
uptick signalling at LTC’s struggle to recover on chart. The price
of Litecoin was below the 20-SMA line which meant that sellers were
driving the price momentum in the market. It is in indication of
bearish pressure. LTC might show signs of upward movement shortly
after it declines on its chart further. Related Reading | Bitcoin
Bearish Signal: Exchange Whale Ratio Is Trending Up The four hour
chart displayed mixed technical outlook for LTC. Chaikin Money Flow
determines the capital inflows and outflows. CMF was way underneath
the half-line pointing towards extremely low amounts of capital
inflows. Awesome Oscillator reads the price momentum and direction
of the coin. AO was below the half-line displaying green signal
bars. These green signal bars were a buy signal with chances of a
potential shift in the price action. For LTC to follow through a
reversal, broader market weakness has to decline. Related Reading |
Bears Refuse To Budge As Bitcoin Struggles To Reclaim $20,000
Featured image from UnSplash, charts from TradingView.com
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