Litecoin Sees Bearish Crossover, Continues Dipping Below $50

Litecoin, at the time of penning down this article, was trading below $50 around $46.31 with a lack of support from 200-day daily MA and slight support from 50-day MA. LTC/USD lost the bullish streak two days back and has been continually plummeting below $50 since then. Litecoin has marked a weekly resistance at $50.9 on the intraday chart, which remained unattained in the ongoing week.

Litecoin Price Loses Support, Bearish Consolidation Likely

Litecoin (LTC) Price News

On the intraday chart, Litecoin broke the bullish consolidation after hitting around $50 with a weekly resistance lying at $50.96, attained after a notable uptrend at the beginning of the previous week. Due to bullish candlestick aversion, the price trend of LTC/USD broke below 20-day lower Bollinger Band and lost 50-day MA support. However, a dip below $45 will confirm the bearish consolidation due to intraday weak momentum against the US Dollar.

The 20-day Bollinger Bands so not exhibit unprecedented volatility, but the price trend of Litecoin is hitting below the lower band showing loss of intraday traction. The technicals are drawing a no profit no loss picture as the MACD, and the signal line appears flat with a slight bearish divergence due to intraday fall below $46 for a brief time period.