Litecoin (LTC) Drops to $61.18 Following Bearish Streak – Price Analysis

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  • Litecoin price presents a bearish trend.
  • The altcoin discovered support near $60.
  • LTC prices saw a 6.53% decline.

Litecoin price indicates bearish markets today as LTC saw further declines. The alternative token has exhibited downside trends within the past couple of days as a bearish streak dragged the asset towards $61.18. Litecoin discovered a support floor at $60, though bears remain persistent in pulling the market down.

LTC dropped 6.53% of its value, confirming a bearish bias. Experts predict more declines in the upcoming sessions as the leg down appears strong. Meanwhile, the alternative token might steady near the $60 support in the near term.

The coming few days remain crucial for LTC as prices might either extend the downward spiral or register a recovery. Continued declines would see the token testing the $58 barrier soon.

Meanwhile, staging a comeback would see LTC exploring the $63 zone. The marketplace retains massive bullishness, and it’s vital to watch the space closely in the coming days.

1-Day Timeframe: Prices Secure Support Near $60

The daily analysis shows Litecoin traded between $60.56 and $66.29 within the past 24 hours. Moreover, the token has seen a decline. For instance, the trading volume plummeted to $540,903,370 at this publication.

LTC ranks 20 in the crypto list, with its market cap standing at $4,305,842,925, dominating 0.36% of the market. The alternative token sees downside pressure, translating to potential losses in the coming sessions.

The daily Relative Strength Index stands at 33.89, reflecting high oversold conditions. And that might mean a ‘buy’ opportunity for enthusiasts. Furthermore, the Moving Average Convergence Divergence made a bearish cross as LTC appears primed for further plunges.

Market volatility remains low as prices see slight fluctuations. Nevertheless, experts expect some volatility in the upcoming few days as Litecoin would either launch a recovery or stretch the leg down. The BBs appear narrow, confirming low volatility within the market.

Final Thought

Litecoin outlook shows the price entered a bearish bias as LTC/USD lost the $62 mark. The alternative token will likely see selling momentum before securing reliable support. Bears remained in control and seemed ready to drag LTC lower.

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