Litecoin price analysis: LTC/USD loses value at $51.50 after a bearish run

Litecoin price analysis shows that the market is bearish as prices have crashed below $52. After a week-long consolidation phase near $54.50, the bears took control and pushed Litecoin prices below the key support at $52.

Timeline of Litecoin

Litecoin price analysis shows that the market has turned bearish with prices slipping below $52.55. Prices have found support at $51.77 and any further decline may see LTC prices testing the $50 handle in the short term.

  The recent holocaust in the crypto-industry has called for the masses to look out for ideal cryptocurrencies to fight against the odds. Successively, projects focussing on privacy like Litecoin (LTC) and Monero are now rising towards the limelight.  Talking about Litecoin, the altcoin is in talks for its notable feats with its MWEB extension. Meanwhile, …

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. The ongoing market-wide liquidations pulled Litecoin [LTC] toward its long-term support around the $42-zone.

The Litecoin price analysis shows that bears are leading the charts for today. Overall the coin is trying to get out of the bearish cycle as the price trend line has been upward for the last six days.

The multiple lower price rejection candles reflected the failed attempts from sellers to break the $40 psychological support. However, the price action hovering above the $40 mark shaped into a double bottom pattern, whose breakout indicates a recovery opportunity for Litecoin(LTC) holders.

Litecoin price analysis indicates that the cryptocurrency has found support at $41.94 and currently trading at the $49.99 mark. The market is expecting a breakout from the ascending triangle pattern formation.

Litecoin price analysis shows that the market is in a bearish trend as prices have stepped down to the $45.42 level after a bearish takeover from the bears. LTC/USD had found some support at $44.04 but it was not enough to stop the sell-off.

The Litecoin(LTC) sellers ended a four-week consolidation after they breached the $51 support on June 9th. The resulting fall plummeted the altcoin to $40 psychological support, but a rise in demand pressure stalls the selling momentum.

Litecoin price analysis shows that the market is on a bullish trajectory as the price has surged to $46.58. The cryptocurrency trades between an ascending parallel channel, which may act as a support and resistance level for LTC in the near future.

Litecoin [LTC] bears demonstrated their dominance once again towards the end of last week, leading to more downside. However, LTC's latest lows suggest that it is closer to the bottom than expected.