Litecoin price analysis: LTC price stumbles at $58.08 due to bearish takeover

Litecoin price analysis is bearish as LTC/USD depreciates to the $58.08 mark after a bearish run. The bears have taken over the price charts once again and have pushed the prices below the $58 mark.

Timeline of Litecoin

The Litecoin price analysis shows a bearish trend for today. The bears have taken over the price charts once again and have reduced the price level to 55.58, as market sentiment is bearish towards LTC/USD.

Recent Litecoin price analysis shows that the LTC/USD pair is currently in a bullish trend. The market has seen strong selling pressure, which has caused the prices to fall to $58.72.

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Today Litecoin price analysis shows that the LTC/USD pair has lost tremendous value and is down by over 6.11% in the last 24 hours. Litecoin price analysis shows that the LTC/USD pair is currently facing strong resistance at $67.07.

Litecoin rose to a three-month high in today's session, following a breakout of a key resistance level. The move took place prior to the release of U.S. inflation data, which fell to 8.3% in August. However, following the release, which was higher than expected, earlier gains eased.

Litecoin (LTC) has held up well during the ongoing Bitcoin (BTC) price decrease but has yet to break out from a crucial horizontal resistance area. The post Litecoin (LTC) May Confirm Bullish Reversal With Breakout Above Resistance appeared first on BeInCrypto.

A rising parallel channel pattern governs the ongoing recovery in LTC/USDT pair. The recent bull cycle within this pattern was initiated when the coin price rebounded from the shared support of $52.7 and ascending trendline.

Litecoin price analysis reveals that the coin is in a bullish trend and has made significant gains in the last 24 hours. The coin is currently trading at $62.69 and is facing rejection at $62.87, a break above this level can result in prices testing the $63.00 level.

Litecoin (LTC) has been showing an excellent fightback from the start of this month. In the last two weeks, there has been a fresh decline in Bitcoin, Ethereum, and Litecoin. LTC ended August on a bearish note below the $55 price level. However, it recovered from its prices and broke the $60 mark this month.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Litecoin's [LTC] recent rebound from the $52-baseline has well-positioned the coin to test the resistance barrier in the $62-$64 range. The rebound spurred near-term buying hopes.