Litecoin trades at $43.70, close to the lowest in the said time frame marked at $42.16 in the previous trading month. In the past 90 days’ time frame, LTC/USD was trading at the height of $80.29 and currently bottoms out with no support from the moving averages.
The bearish stand in the crypto market is quite dense, and all the major coins and altcoins viz., Bitcoin, Ethereum, XRP, and Litecoin are tracing a declining price channel. In the previous month, Litecoin price hit the lowest in the said 90-day time frame at $42.16—which happens to be a major support. The further decline can lead to a major price plunge of LTC.
Litecoin Price Prediction:
Analyzing the daily movement of LTC/USD on Coinbase, we see that the coin is trading utterly bearish at present. Initially, we see a strong decline from the price area of $80 to hit the lowest at $47.22 in a 30-day time frame from the last week of September. Here, LTC price dipped by over 41%, just to make an attempt to rise and face strong resistance at $66. Around the mid-week of November, Litecoin price took a reverse turn, where it underwent a steep fall to hit the fresh 90-day bottom at $42.16.
The current trading price is not supported by any of the moving averages viz., 9-day, 49-day, and 100-day Moving Averages. We believe that the bearish hold is quite strong and a move above $45 will help the currency to come out of the dense selling pressure.
The MACD of Litecoin is currently running below zero and holds a bearish outlook as the MACD line cuts the signal line from the top.
The RSI of the coin is strongly inclined towards the oversold region at 33.12, and a further decline may lead LTC coin to hit the oversold region.