Litecoin price analysis: Downswing continues as coin value sinks to $108 low

Litecoin price analysis Downswing continues as coin value sinks to low

TL;DR Breakdown

  • LTC price dropped down to $108.26.
  • Litecoin price analysis shows downtrend.
  • Support is still firm at $104.09.

The most recent Litecoin price analysis predicts a strong bearish trend for the market, as the selling pressure is continually heightened. The past few weeks have seen a constant drop in price at several points, and the coin value reached new low points. Today, the bears remained at the top once again, as a gradual decline in price took it to the $108.3 level. Further decrease in LTC/USD value can be expected next week.

LTC/USD 1-day price chart: Declining trend results in striking drop down to $108

The one-day Litecoin price analysis gives a negative hint regarding the current price trends. The price has dropped exceedingly in the past two weeks, and it experienced a massive fall in the last 24-hours as well. Currently, the LTC/USD value is standing at $108.26, and further degradation is possible if the selling activity intensifies. The price is now relatively lower than its moving average (MA) value, i.e., $123.54.

Litecoin price analysis: Downswing continues as coin value sinks to $108 low 1
LTC/USD 1-day price chart. Source: TradingView

The volatility in the one-day price chart is seemingly expanding, which is yet another bearish hint regarding future market events. If we discuss the Bollinger bands Indicators, its upper value is currently $157.48, whereas its lower value is $104.09. The Relative Strength Index (RSI) score is entering the under-bought zone now as it is now standing at 30.81, to be exact.

Litecoin price analysis: Bulls strive for recovery as price enhances to $107.97

The hourly price prediction for LTC/USD is going towards the bullish side, as the market underwent a slight recovery in the preceding hours. This is an encouraging signal for the buyers, as the price had undergone a sudden bearish breakdown earlier. Now the bulls are back on track as the price increased to $107.97 level in the last four hours. It is now higher than its moving average value, which is standing at $106.54.

Litecoin price analysis: Downswing continues as coin value sinks to $108 low 2
LTC/USD 4-hours price chart. Source: TradingView

The volatility is constricting, which means that further improvement in coin value will follow soon. The upper band of the Bollinger Bands Indicator is now at the $112.13 end, whereas its lower band is at the $102.21 end. The RSI score is in a quiet neutral zone, and the curve shows 42.18 as the current score.

Litecoin price analysis: Downswing continues as coin value sinks to $108 low 3
LTC/USD technical indicators chart. Source: TradingView

The technical indicators chart for LTC/USD gives a bearish hint regarding the recent price trends. The market remained under the bearish shadow for quite a while, and this week the bears remained at the upper position as well. We can see that 15 indicators are still on the selling point, eight are neutral, and only three are on the buying point.

The Moving Averages Indicator is also giving out a strong bearish signal for the market. There are 13 indicators present on the selling end, while one indicator is found on the neutral and buying positions. The Oscillators are going neutral for the day as seven oscillators are in the neutral position, while two oscillators are in the selling and buying positions.

Litecoin price analysis conclusion

The one-day and four-hour Litecoin price analysis shows a bearish inclination for the day. The price underwent a swift decline in the last 24-hours, as the value dropped to $108.26 extreme. On the other hand, the hourly prediction shows a slight improvement in LTC/USD market value as more buying momentum is hitting the market.

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

Ripple price analysis: XRP turns bearish again after pulling back up to $0.45, what's next?
Portugal unveils capital gains tax on crypto
Ripple price analysis: XRP/USD set to break above the $0.5 resistance
Luna Foundation Guard reveals its $3 billion reserve is down to $87 million
Dogecoin founder says 95% of cryptocurrencies are ''scam and garbage"

Follow Us

Industry News

Coinbase slows down hiring plans after Q1 losses
Korea's authorities open investigation into TerraUSD collapse
Ukraine war and Bitcoin plunge exposes crypto as no hedge against equities
Coinbase unveils new application with Web3 functionalities
Portugal unveils capital gains tax on crypto