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Litecoin price analysis: LTC/USD consolidates in a flag formation, getting primed for a breakout

FX Street
Updated:
  • The MACD indicates increasing bearish market momentum.
  • The RSI indicator is trending around 44.25.

LTC/USD had a bullish start this Wednesday, following two straight bearish days going up from $55.10 to $56. The price is currently sandwiched between the lower Bollinger curve and the 50-day Simple Moving Average (SMA 50). The hourly breakdown of Tuesday and Wednesday shows us that the price was trending horizontally for a bit before it immediately dropped from $56.20 to $54.50 in five hours. After finding intraday support at $54.50, LTC/USD spiked up to $56.

LTC/USD daily chart

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The price is floating below the SMA 20, SMA 50 and SMA 200 curves. The 20-day Bollinger jaw has widened, indicating increasing price volatility. The Moving Average Convergence/Divergence (MACD) indicates growing bearish market momentum and the Elliott Oscillator has had seven straight red sessions. The Relative Strength Index (RSI) indicator is trending around 44.25.
 

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