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Litecoin Price Analysis: LTC Coin Shows Signs Of A Falling Parallel Channel Pattern

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  • LTC coin is on the verge of giving a death crossover of 50-200 EMA
  • The XRP/BTC pair was trading at 0.003939 BTC with a gain of 0.5%
  • The 24 hr trading volume in LTC coins is $2.11 billion
Tradingview

In the daily time frame, the LTC coin tried to bounce from the support of $120 with a morning star pattern, but later no follow-through is seen, and the price is sitting at the $120 support level.(0.786 FIB LEVEL). However, looking at the technical chart, the price action shows a possibility of a parallel channel just like few other coins in the market. It could bring many opportunities for LTC traders.

The EMA line indicates the LTC coin is in a strong bearish phase as it is trading below all the critical EMA 20,50,100. In addition, the chart is also on the verge of giving a death crossover of 50 and 200 EMA promoting a further fall in price.

The RSI (BEARISH) value is at 34, indicating a bearish sentiment. In addition, the RSI line shows a bearish slope slowly entering the over-selling zone as the price moves lower, indicating strength in the bearish momentum.

LTC Coin Crypto Chart In The 4hr Time Frame

Tradingview

The 4hr time frame chart of the LTC coin shows a clear view of the falling channel pattern and could provide an early indication for traders interested in trading in LTC coin. As for now, the price is retesting the same $120 for good support, which should lead to a price at least at the resistance level.

The MACD indicator (BEARISH) shows both the MACD line and the signal line below the neutral zone, suggesting a bearish sentiment. In addition, the indicator also shows a bearish crossover of these two lines, signaling more selling in the market.

Conclusion: From the technical perspective, the chart shows an overall bearish trend, and as mentioned above, the price dwells near the $120 with no strong movement on either. However, the formation of this parallel channel should unlock enough opportunities for SOL coin traders. 

Support– $120

Resistance– $140