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LTC prices may have bottomed out, but the short-term outlook is not positive

After registering an increase of nearly 60% in January and an increase of 22% until February 14, LTC saw a decrease of 32.71% shortly thereafter. At press time, LTC is priced at $ 59.1 with a market cap of $ 3.7 billion.

Day LTC 2

LTC / USD. Source: TradingView

Looking at the 1-day chart, it can be seen that the downtrend over the past 14 days has become more prominent, with prices falling below major support levels of $ 74.42, $ 67.42 and $ 62, 25. These support levels are positive resistances as they broke down in January. The current bearish breakout appears to be the result of a rising wedge starting to form in early 2020. Over time, the next intervened between trend lines and the decline started taking place on February 15.

Currently, LTC is still right above the Control Point (PoC). According to the VPVR, trading activity over the past 6 months has been significantly strong within this PoC range and at the resistance of $ 74.42. The absence of transactions between these ranges indicates that prices will not consolidate for a longer period of time between these price points.

At the time of writing, Litecoin is still above the PoC of 59.42, but a break below this level could cause its price to drop to a low in December. A trading range could be in the next week or two. , which ranges from $ 58 to $ 62, considering the absence of current upside momentum.

The 200-day moving average also continues to play a supportive role but last week the price dropped and the bearish sentiment continued to push the MA line to resistance.

LTC / USD. Source: TradingView

The relative strength index RSI still closed at the oversold level and therefore, a rebound from this point can be feasible. However, the MACD is still under downward pressure as the upside momentum lags behind.

Litecoin's bearish crisis continues, but it may have bottomed out for now. A move below $ 59.42 can have catastrophic consequences when a breakout is perhaps even more bumpy.

You can see the LTC price here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


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