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Litecoin price analysis: buy dips below $50

By Nathan Batchelor

14:32, 14 August 2020

Litecoin price analysis

Litecoin appears increasingly bearish in the near term, as the cryptocurrency struggles to regain the $60 technical level.

Litecoin price analysis shows that the cryptocurrency could be preparing to drop towards the $47 support area before the recent up-move resumes.

Litecoin medium-term price trend

Litecoin could soon start to move below the $50 level, as a wave of technical selling pressure continues to drag the popular cryptocurrency lower.

Litecoin technical analysis shows that the LTC/USD pair  will turn technically bearish if the price moves under the $50 level.

Litecoin technical analysis

The daily time frame shows that the July 27 swing-low, around the $47 level, and the July 25 low, around the $44.00 level, are the key support zones below the $50 level to watch.

Given the ongoing breakout in the broader cryptocurrency market, the LTC/USD pair is expected to meet strong dip-buying interest from the mentioned support zones.

Long-term analysis highlights the $80 level as a potential upside target while the monthly candle continues to close above the $50 level.

Gold

2,618.67 Price
-0.250% 1D Chg, %
Long position overnight fee -0.0151%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.30

ETH/USD

3,334.67 Price
+1.710% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 1.75

US100

21,357.80 Price
+0.330% 1D Chg, %
Long position overnight fee -0.0234%
Short position overnight fee 0.0012%
Overnight fee time 22:00 (UTC)
Spread 1.8

XRP/USD

2.20 Price
+0.200% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01099

Traders should note that a weekly price close under the $44 level will negate the bullish medium-term outlook surrounding the LTC/USD pair.

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Litecoin short-term price trend

Litecoin technical analysis shows that the cryptocurrency has a bearish short-term bias while the price trades below the $54 level.

The lower time frames currently show that a large head-and-shoulders pattern has been activated following the recent move under the $54 level.

Litecoin technical analysis

According to the size of the bearish pattern, the LTC/USD pair could fall towards the $44 level over the short term.

It is also noteworthy that the RSI indicator is showing negative price divergence extending down towards the $48 level.

Litecoin technical summary 

Litecoin technical analysis shows that bears are gaining control of the cryptocurrency and may force a decline towards the $48 to $44 area.

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