In new technical analysis, Litecoin is a decentralized blockchain network that is censorship-resistant, accessible to all, cost-efficient, and superfast. It is highly secure and currently is the largest scrypt-based ecosystem. With the Litecoin network, users can transact in digital currencies across borders anytime, anywhere. LTC is the native token of this network.
On April 27, 2021, LTC opened at $247.58. As of May 3, 2021, LTC closed at $294.87. Thus, in the past week, the LTC price has surged by roughly 19%. In the last 24 hours, LTC has traded between $270-$297.99.
Day-Ahead and Tomorrow
Currently, LTC is trading at $275.98. The price has declined from the day’s opening price of $294.73. Thus, the market seems to be downtick.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to drop further.
The RSI indicator is presently at 44%. It has just rallied from the 30% mark. However, selling pressures continue to be high even though buying pressures are slowly mounting. As of now, like the MACD oscillator, the RSI indicator too is indicating a further price dip.
The OBV indicator is slowly falling too. Hence, selling volumes are higher than buying volumes. In a nutshell, the OBV indicator is giving further credence to the price decrease indicated by the MACD and RSI oscillators.
LTC Technical Analysis
As per technical analysis ,the price has currently fallen below the Fibonacci pivot point of $287.62. The price is soon likely to fall below the first support level of $276.93. If the bears continue to remain strong, we can expect the price to fall below the subsequent support levels of $270.32 and $259.63 respectively, till day end.
The price is soon likely to test and fall below the 23.6% FIB retracement level of $276.60. Thus, as of now, the bearish forces are strong and hence the price downtrend is likely to continue today and tomorrow.