LTCUSD Analysis: Black Marubozu Pattern below $93.46

FXOpen

Bulls couldn’t take control of the market, and after touching a high of $93.46 on 23 May, the LTC/USD pair started moving in a bearish trend, touching a low of $82.60 today in the early Asian trading session.

The short-term outlook for Litecoin has turned mildly bearish.

On the hourly chart:

  • There is a black Marubozu candle below the $93.46 handle. It signifies the start of a bearish phase in the market.
  • Litecoin price is trading below its 100-hour simple moving average, 200-hour exponential moving average, and its pivot level of $84.49.
  • The relative strength index is at 38.28, indicating weak demand for Litecoin and a shift towards the bearish phase in the markets.
  • Litecoin remains below most of the moving averages, which are giving a bearish signal at current market levels of $84.49.
  • Some of the technical indicators are neutral.
  • The average true range indicates low market volatility.

Litecoin Bullish Reversal Is Seen above $79.64

On the daily chart:

  • Litecoin keeps moving in a bearish trend after its recent decline below the $90.00 level.
  • Litecoin to USD exchange rate ranges below $90.00 with more downsides located at $82 and $80 levels.
  • We can see a bearish trend reversal pattern with 20- and 50-period adaptive moving averages.

Litecoin price failed to make an upside break above the $95.00 resistance level, and we can see a continuous decline as the LTC price started a downside correction below the $90.00 level.

Litecoin is now seen consolidating above the $84.00 level, and a downside break may bring it to the $80.00 support level.

LTCUSD is about to break its classic support level of $84.11 and Fibonacci support level of $84.39, after which the path towards $80 will get cleared.

Litecoin faces resistance at $87.48, which is a pivot point, and at $88.13, which is a 1- day RSI at 50.

The Week Ahead

Litecoin price continues to correct lower against the US Dollar, and a strong bearish momentum is visible, with further downsides at $82 and $80 levels.

Most technical indicators signal a bearish sentiment in the market.

Litecoin price should stay above the important support level of $79.48, which is a 14-3 day raw stochastic at 20, and at $79.66, at which the price crosses the 9-day moving average.

The weekly projection for Litecoin price is $80, with a consolidation zone of $82.

The short-term outlook for Litecoin has turned mildly bearish, the medium-term outlook is bearish, and the long-term outlook is neutral at present market conditions.





FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Bitcoin Price Hits a Month's High, Breaking Key Resistance April Became the Worst Month for BTC/USD Since November 2022 Bitcoin Price Bullish after Halving-2024 ADA Drops to Last Place in the Top 10 Cryptocurrencies BTC/USD Analysis: Bitcoin Price Rises Ahead of Halving

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: S&P500, US Dollar, Gold Price, PEP Stocks

Get he latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. Read the latest news

Commodities

The Price of Silver Has Reached Its Highest Level in Over Three Years

As indicated by the XAG/USD chart today, the intraday price of silver reached $29.84 per ounce yesterday, while the previous yearly high on 12 April was $29.79. The last time this price was seen was in February

What Is the Wolfe Wave, and How Can You Trade It?
Trader’s Tools

What Is the Wolfe Wave, and How Can You Trade It?

The Wolfe Waves is a powerful chart pattern recognised for analysing potential price reversals. Named after Bill Wolfe, who developed this formation through extensive trading practice, Wolfe Waves provide traders with a structured approach to anticipate market movements. In this

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.