Litecoin short-term Price Analysis: 19 September

Saturday 19 September 2020, 7:33 PM AEST - 1 month ago

Litecoins price has had to endure a period of consolidation over the past week. On 12 September, the cryptocurrencys price fell by close to 8 percent from $51 to close to $47 and since then, Litecoin has been struggling to recover its losses. However, while LTC might be gaining some positive momentum, it may note a minor dip over the coming few days before pushing north again.

At press time, Litecoin was being traded for $48.2 with a market capitalization of $3.1 billion. At the time, it was occupying the 10th spot on CoinMarketCaps list, while registering a minor fall of 0.5 percent over the past 24-hours.

Litecoin 2-hour chart

1-6.pngSource: LTC/USD, TradingView

According to Litecoins 2-hour chart, ever since the aforementioned price drop, LTCs price has been confined to a descending triangle formation. The past week saw it register a downtrend as the crypto registered lower highs. Over the same period, LTC has gained considerable support from the $47-price level and if bearish pressure were to see an increase, the cryptocurrency may also have to rely on the support level at $46.

The $49-mark remains a significant point of resistance in the way of Litecoin, with respect to a complete recovery on the charts. In the next few days, the coin is likely to remain within the descending triangle formation and is likely to test its first support once again, before rekindling the possibility of a price break out.

2-4.pngSource: LTC/USD, TradingView

At press time, the MACD indicator had undergone a bearish crossover and was showing the slight possibility of a reversal as the MACD line was inching closer to the Signal line. Further, the RSI, after having languished in the oversold zone, was holding fort in the neutral zone.

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