Litecoin Price wasn’t left behind in the few hours of bearish price tantrum that has stirred up the crypto markets within the last 24 hours.
As bitcoin singlehandedly led the decline down the charts, Litecoin and other major altcoins like Ethereum also flopped along.
Litecoin is currently changing hands at $44.60 having lost 2% since yesterday. However, while maintaining a market capitalization of 2.94 billion, the top cryptocurrency blasted past the $46 level on May 18, 04:24 hours UTC. Falling shortly after, its 24 hours trading volume settled at 4.54 billion.
LTC/USD pair failed the test at major resistance at $45 and moves further below to test the next support at $43. However, the trading pair failed the test at $47 and prices seem to be correcting towards minor support at $45.
If this holds, then, Litecoin Price may retest the $47 area and decide further course of movement from there.
LTC/USD Technical Analysis
On the 1-day chart above, buyers pushed the price upwards after it closed bearish five days ago. The price began a bullish movement around $41 (78.6% Fibonacci retracement level) and moved up quite steadily due to buying pressure.
If the buyers keep up the momentum, prices could remain bullish for a few more days and touch the next major resistance level at $48.22 (23.6% Fib level) and $50.0 (0% Fibo level).
To move further above these levels, the buyers need to conjure much more momentum.
In the bearish possibility, prices may lose magnitude if the bulls fail the test at the $45 level. In the event that this comes to play, the next area of support lies at $43.78 (61.8 Fibonacci retracement level).
The further downturn may send the price crashing towards $41.83, the 78.6% fib level.
The Resistance Strength Index has recovered above the 50.0 midpoints and is pushing towards the overbought condition at 70.0.
Provided that prices would touch the 70.0 level, we could see Litecoin Price touch $50.0 in a few days.