Litecoin Price Recovers But The Bears Might Drag The Altcoin To $51

Like other major altcoins, the Litecoin market price has been quite impressive. LTC rose 2.4% in 24 hours.

The bulls still have not stabilized themselves on the daily chart. LTC has gained nearly 3% in the past week. It was clear that LTC has not seen significant movements on its chart.

According to the technical indicators, it was the bears who controlled altcoin. The Litecoin market price is facing significant resistance.

Buyers were scarce in the market and this has worn out the bulls. The coin is currently trading at $51 per unit.

Because Litecoin’s selling strength exceeded that of its buyers in the market it is possible for the price to fall below this level.

LTC could move higher if the buying power stabilizes slightly. Litecoin will need to have a stronger market in the coming trading sessions.

One Day Chart: Price Analysis for Litecoin

Litecoin Price
Litecoin’s price on the 1-day chart was $53| Source: LTCUSD on TradingView

LTC traded at $53 as of the writing. The price of Litecoin will face stiff resistance at $56.

Although the bulls moved closer to this price mark every time it happened, each move was met by selling pressure. The bearish thesis could be invalidated if Litecoin prices rise above $56.

At $61, the price limit for this coin is possible. However, support lines were at $51 (and then $43) respectively.

The last session saw a decrease in Litecoin trading, which indicates that the buying power remained low over the 24-hour charts.

Technical Analysis

Litecoin Price
Litecoin’s buying strength was low on the 1-day chart. Source: LTCUSD at TradingView| Source: LTCUSD on TradingView

LTC’s indicators continued to display that the coin was in a downtrend. The charts remained under the control of sellers, which could lead to the coin falling as low as $51.

If buying strength doesn’t recover soon, LTC could move to $51 before it recovers on the chart again. Relative Strength Index fell below half-line which indicated that buyers were stronger than sellers.

The half-line price of Litecoin was much lower, which means that the currency has less demand. The market momentum was also being driven by sellers.

Litecoin Price
Litecoin illustrated low capital flows on the 1-day chart. Source: TradingView.| Source: LTCUSD on TradingView

On the one-day chart, altcoin’s bearish outlook continued with sellers taking advantage. Moving Average Convergence Divergence shows price momentum.

MACD showed red histograms which indicated that the coin was under pressure. Chaikin Money flow measures capital inflows, and outflows into the market.

CMF was lower than the half-line which means that capital outflows on a one-day chart were higher than those inflows.

Get more Crypto News at CFX Magazine