Litecoin price analysis: Latest downswing brings price level back to $98.9 low

Litecoin price analysis Latest downswing brings price level back to low

TL;DR Breakdown

  • Price has been lowered to $99 level.
  • Litecoin price analysis shows downtrend.
  • Support at $105 is surpassed.

The most recent Litecoin price analysis shows a downward trend as the bears continuously secure wins for the past few weeks. Today, the bears remained at the leading position, and the cryptocurrency faces substantial loss. The last 24-hours proved quite damaging for the overall market value of LTC, as the price was further brought down to $98.79 extreme. It is expected that the bearish wave will continue to expand.

LTC/USD 1-day price chart: Bears maintain dominancy as value drops down to $98.8

The 1-day Litecoin price analysis indicates a strong bearish trend, as the market underwent considerable loss in the past 24-hours. The selling pressure is continuously increasing, so the declining trend is more likely to extend. The LTC/USD value is currently standing at $98.79 low, and chances of further decrease are quite prominent. The moving average (MA) value is at $126.6 position for now.

Litecoin price analysis: Latest downswing brings price level back to $98.9 low 1
LTC/USD 1-day price chart. Source: TradingView

The volatility in the one-day price chart seems to be expanding, which is a relatively bearish hint regarding the upcoming market events. Now the upper value of the Bollinger Bands Indicator is standing at $158.57 high, whereas its lower value is standing at $104.61 low. The Relative Strength Index (RSI) score has dropped down to 27.46, below the under-bought limit, due to the continuous bearish wave.

Litecoin price analysis: LTC value further depreciates to $99.30 as bears strike

The bears have been ruling the price chart for the past few hours, and the downtrend is gaining stability. An unexpected reversal in trends has led the Bears to secure their winning position, and the coin value has further demoted to $99 during the last four hours. The selling momentum is expected to get stronger in the approaching hours. The price is now lower than its moving average value, i.e., $107.44.

Litecoin price analysis: Latest downswing brings price level back to $98.9 low 2
LTC/USD 4-hours price chart. Source: TradingView

The short-term trending line is also moving in the descending direction, which means the price covers a bearish movement. The upper edge of the Bollinger Bands Indicator is resting at $125.3, whereas its lower edge is at $96.81. The RSI score has stooped down to 27.19 as the selling pressure is rising.

Litecoin price analysis: Latest downswing brings price level back to $98.9 low 3
LTC/USD technical indicators chart. Source: TradingView

As it has been observed, the overall market trend for LTC/USD over the past few months has been largely bearish. The selling trend is aggravating, and the technical indicators chart gives a further hint regarding this. 15 indicators are settling on the selling mark, ten indicators are neutral, and only one indicator is on the buying mark.

The Moving Averages Indicator is displaying favorable results for the sellers as well. A total of 13 indicators are standing on the selling side, while one indicator each is present on the neutral and buying sides. The Oscillators are also giving out similar hints regarding the market trends. We can see that nine oscillators are on the neutral level; two are selling while none is present at the buying level.

Litecoin price analysis conclusion

As confirmed from the above one-day and four-hour Litecoin price analysis, more selling activity has been taking place. The bears have been exhibiting a strong control over the market, and today the price further dropped down to $98.79. If the cryptocurrency continues receiving a bearish push in upcoming hours, further devaluation will likely occur.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

Related News

Hot Stories

Bitcoin price analysis: BTC retests $31,000, another drop incoming?
Terra price analysis: LUNA exhibits extreme bearish signs at $0.00028400
Terra validator wants old chain shut down
Luna Foundation Guard reveals its $3 billion reserve is down to $87 million
Binance denies financing Terra and points to a $3 million investment in 2018

Follow Us

Industry News

Luna Foundation Guard reveals its $3 billion reserve is down to $87 million
RBI, the Indian central bank, worries crypto could trigger dollarization of the economy
Grayscale Investments set to expand ETF offering in Europe
Terra validator wants old chain shut down
South Korean government pushes for a faster approach to crypto regulation amid LUNA token crisis