Litecoin price tries to recoup some losses – Analysis

Litecoin (LTCUSD) price recorded cautious gains in its latest intraday trading, as the cryptocurrency attempts to recover part of its previous losses. During this rebound, it successfully relieved its oversold condition on the Stochastic indicators, with positive signals continuing to emerge from them. However, the price remains under negative pressure from trading below its 50-day SMA, which reinforces the stability and dominance of the main bearish trend in the short term, while moving alongside a trend line supporting this path.

Therefore we expect the digital currency price to decline in its upcoming intraday trading, as long as it remains below the $49.95 resistance level, targeting the $45.95 support level.

Today’s price forecast: Bearish.