LTC/USD pair is facing a bearish short-term and medium-term trading bias according to the four hour-time frames which shows that the pair is trading in a descending price channel. In our litecoin news today, we take a closer look at the price analysis for the pair.
Litecoin erased most of the monthly trading gains and left the cryptocurrency testing back towards the October monthly trading low, trading slightly lower than $50.00 level. The pair is now trading down by more than 25% from its monthly peak and more than 70 percent lower than its 2019 trading high around $160. The strong price movement was present during the summer months but it never actually returned to the LTC/USD pair with the recent price action showing that the buying demand was hovering above the $60.00 price range.
The technicals for the LTC/USD pair is showing that a loss of the $47.00 level could cause a quick drop towards the $40.00 level and that this level is extremely important for both the daily time frames but also the four-hour charts. The latter shows that Litecoin is trading in the descending price channel with the $40.00 level the bottom of the channel and a break under the October monthly level could confirm that the technical test is there for the $40.00 level.
By looking at the daily time frame, the large wedge pattern was formed and shows that there is a major technical breakout that could be on the horizon in the medium-term. The bottom of the pattern is located at the $40.00 which makes it very important as a technical area that the LTC/USD pair buyers have to defend in order to avoid capitulation towards the $25.00 level. Overall, the traders have a few reasons to be bullish towards the LTC/USD pair especially if the low of $47 gets broken.
According to the latest data, the short-term sentiment for Litecoin is quite bearish at 32.50% while the long-term for the pair is neutral at 54%. The four-hour time frame shows that the key technical resistance is located at the $57.00 level so the buyers have to rally the price above the $69 in order to start creating a bullish higher high. The key technical resistance of the monthly trading high is found at $80.00.
The four-hour time frame shows that the pair has medium-term technical support around the $47.00 and the critical long-term technical support for the LTC/USD pair being located at $40.
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