Litecoin (LTC) Price Analysis – December 3
Litecoin (LTC) price embarks on a bearish movement and this fall may likely be lifted soon.
Resistance levels: $50, $52, $54
Support levels: $42, $40, $38
Currently, Litecoin is forming lower lows; fails to catch a bullish momentum. The bearish trend line is still intact as the coin is yet to find a decent support level. The LTC coin has recently formed a low bullish candle; currently below the major support level. Despite the slight recovery in Bitcoin price, LTC has not entered a bullish period, as its price trend is still downward. However, given the current bearish nature of the crypto market, Litecoin’s struggle for recovery seems a little bit obvious.
At the time of writing, the bearish scenario is even more dominant as sellers continue to put more pressure on the market. We could see a sharp drop below the lower boundary of the channel. Breaking below the channel could further weaken the market to $42, $40 and $38. A higher possible swing is likely to move above the 9-day MA and retest the previous resistance level of $48. Meanwhile, if the bulls manage to fuel the market with the mentioned resistance level, we may expect a further increase to $50, $52 and $54. More so, the MACD indicator is in a bearish zone with its signal line on the downside.
Comparing with Bitcoin, Litecoin continues to trend bearishly as the support further outweighs the resistance. For a trend reversal, there’s a need for an increasing volume and resistance to cause an upsurge in the market. Now, the coin is trading below the moving averages of 9-day and 21-day at 6189 SAT. We can expect close support at the 6000 SAT before breaking to 5850 SAT and potentially 5750 SAT support.
Currently, there’s no sign of bullish move for the LTC market. However, if a bullish move occurs and validates a break significantly above the 9-day to hit the nearest resistance at 6400 SAT; we can then confirm a bull-run for the LTC/BTC pair. For now, the closest resistance lies at 6500 SAT and 7000 SAT while the MACD moved within the negative.
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