LITECOIN PRICE ANALYSIS : Will bears break through LTC's rising channel pattern?

Today's Litecoin price analysis shows a negative trend.
As market sentiment towards LTC/USD remains bearish, the bears have retaken control of the price charts and decreased the price level to 54.85.

Selling pressure entered the market at the start of today's trading session, although the trend remained unclear for the first four hours, after which bears outperformed the bulls. The price trend line indicates a decreasing slope from yesterday, with a top at $60.83.

The LTC/USD pair is losing value at $55.90 at the time of writing, according to the daily price chart for Litecoin price analysis. The price trend was lower from yesterday, and the price appears to be sliding sideways today.

The 4-hour price chart for Litecoin price analysis shows a continuing decline in price, with no significant bullish attempt observed today. The bulls and bears have alternated control of the market, but the bears are currently in power. Because the price levels are so near to a significant support level, the market is predicted to be quite volatile today.

On the 4 hour chart, The RSI indicator is presently at 36.87 and dropping, indicating that the current downtrend may continue, and market sentiment remains bearish. The MACD indicator is bearish since the signal line is above the candlesticks, and the bulls must take power quickly to reverse this trend. The 50 SMA is now at $58.02 and the 200 SMA is at $60.36, indicating that the path of least resistance is downward, as the 200 SMA is significantly higher than the current market price.

The LTC has a relatively high volatility range, with the upper band at $63.93 indicating resistance and the lower band at $53.92 indicating support for the dropping LTC/USD pair. The volatility indicator's average line seems to be $58.93 above the current price level.

Based on the Litecoin price analysis, the market is now in a bearish phase, and a downward breakthrough is possible if the bears continue to control the market. The major levels of support and resistance are $55 and $60, respectively. A negative close below the $55 level might lead to a decline below the $50 level, while a break over the $60 level could lead to an uptrend towards the $70 level.

The market capitalization of this LTC is estimated to be $3,981,076,809. The 24-hour trading volume for the coin is around $557,982,718. LTC market capitalization has fallen by 6.34%. However, trade volume decreased by 13.70% during intraday trading. The market capitalization to volume ratio is 0.1402.

The first significant barrier is situated at the $58 level. The major resistance is placed close to $62. Any more gains above $62 might set the way for a move above $67.

If LTC fails to clear the resistance then On the downside, there is immediate support at $54. The next major support is at $51, below which the bears may aim for $48. Their next target could be around the $42 level.

KEY LEVELS :

RESISTANCE LEVEL : $58-$62

SUPPORT LEVEL : $54-$52