Litecoin price analysis is highly bearish today, after yesterday’s decline worsening over the past 24 hours to take LTC down to $50.33. LTC price faced an unexpected rejection at the $55 mark yesterday, as price looked set to test resistance at $60. Currently, the $50 support level remains crucial for LTC in a bid to regain upward momentum. If price falls below this point, price could lower down to next support at $45, casting the lowest point since June 17, 2022.
Litecoin price was expected to show sustainability around the $60 resistance and rally more than 20 percent to move up to the $73.5 mark. However, bears took over the market over the past 48 hours and major technical indicators show bleak possibility of a turnaround.
The larger cryptocurrency market sustained further declines across the board, as Bitcoin lowered down to $20,400 with a 3 percent decrement. Ethereum lowered 3 percent to $1,100, while leading Altcoins showed similar readings. Cardano dropped 4 percent to $0.44, while Ripple lowered to $0.31. Meanwhile, Dogecoin suffered a 6 percent decline to move down to $0.063, while Solana and Polkadot downtrended 6 and 2 percent, each, to move as low as $35.01 and $6.77, respectively.
Litecoin price analysis: LTC price breaches $50 support on daily chart
On the 24-hour candlestick chart for Litecoin price analysis, price can be seen going down a significant decline after forming a reversal yesterday. LTC trended upwards as high as $54.99, before sellers came into the market and initiated mass sell offs. This downtrend extended over the past 24 hours to take price below support at $50 with possibility of a further downtrend. LTC price fell below the crucial 50-day exponential moving average (EMA) at $51.88 over the past 24 hours and further below the 9 and 21-day moving averages.
The 24-hour relative strength index (RSI) shows an abruptly declining market valuation at 41.40 which is heading further downwards. Trading volume over the past 24 hours mimics the RSI reading, falling more than 37 percent over the past 24 hours. Meanwhile, the moving average convergence divergence (MACD) curve can be seen forming lower lows and heading towards a bearish divergence. With price having breached the psychological support at $50, LTC can be expected to further test the second support level at $45 before forming a reversal.
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