LTC Price Analysis: Bearish Waves Warns Litecoin Under $60?

The post LTC Price Analysis: Bearish Waves Warns Litecoin Under $60? appeared first on Coinpedia Fintech News

The continuous downtrend for Litecoin and multiple altcoins in 2023 projects a strong resistance trendline. Leading to a streak of lower highs, the LTC price finally forms a solid footing close to $60, teasing a bounce back to reclaim trend control.

Therefore, despite the strong resistance trendline, the LTC price prediction holds a bullish torch in the coming months. 

Taking a sideways stroll between the crucial levels of $60 and $72, the LTC price action reflects strong bearish pressure. Furthermore, the declining trend of the 50-day EMA rejects multiple breakout possibilities, leading to further delay. 

With multiple failed attempts to rise and sustain above $72, the lower high formation finally starts within the sideways stroll. The recent long-wick candle taking rejection from the 50-day EMA marks a new negative cycle. 

The LTC price is currently trading at $60.77 with an intraday growth of 0.91%, following the 4% drop over two days. As the buyers struggle to remain dominant over the $60 support zone, the chances of a reversal are pretty slim for Litecoin. 

Technical indicators:

RSI indicator: The daily RSI line continues to trend sideways with no signs of divergence as it moves under the 14-day SMA. 

EMA: The 50-day EMA acts as a dynamic resistance, keeping the bullish growth in check.

Will LTC Price Sustain Above $60?

If the Litecoin price fails to exceed the 50-day EMA, it will bring a new buying opportunity for sideline traders. Additionally, a breakout above the 50-day EMA will open up the possibility of a move to $70 before targeting $100.

If the downward trend continues, the price will break through the $60 level and test the bullish dominance at the $50 support level.