- LTC sell offs push price down past moving averages after facing rejection at $195
- Price dropped over 4 percent on intra-day trade, as low as $181.86
- Price still clear of support at $180 with trading volume increasing over 10 percent
Litecoin price analysis for the day shows that the token failed to surpass the resistance point set at $190. Price has slipped down to $185 at the time of writing, after a high of $195.49. If price falls further below support at $170 it is expected to serve as ground work for another bullish push to come. However, to serve up a withstanding push, traders may need sufficient evidence that the $200 mark can be reached.
LTC followed the larger cryptocurrency market in showing reds on intra-day trade, led by Ethereum’s 6 percent decline to $3,400. Bitcoin also halted its progress to dip around 1 percent to sit just above $47,000. Altcoins plummeted as well, with Solana dipping 7 percent, Cardano 2.5 percent, and Polkadot 3 percent. Conversely, Dogecoin upped almost 1 percent to sit above $0.24.
LTC/USD 24-hour chart: LTC declines steeply after promising momentum
On the 24-hour chart for Litecoin price analysis, it can be seen that after claiming momentum at the start of the week, price for LTC fell heavily. Price went as high as $238 on September 13, only to be sidelined by seller momentum kicking in and starting a decline. The current RSI of 48 shows of little buyer interest in the market at current trend, suggesting a defining upturn in momentum may not be seen very soon.
Price sits barely above the 50 and 100-day moving average, with the moving average convergence divergence (MACD) also falling below the neutral zone over the past 10 days.
LTC/USD 4-hour chart: Bearish signs take centre stage
On the 4-hour chart, RSI has gone as low as 41, suggesting there is very little value in the token at current price and a decline is more than likely to continue. This may be a good time for buying, as the RSI suggests, but traders may want to see some consolidation at this point.
Currently, price is at a free fall and could test previous support levels at $170 and $160. Price is trending very closely with the bottom Bollinger bands’ curve, which gives a definitive bearish outlook.
Litecoin price analysis conclusion
To conclude Litecoin price analysis, it can be verified from technical indicators that price is set for further decline and it is to be seen where the next support level is set. The trading volume is on the up for LTC, which suggests some progress, but the bleeding price is encouraging sellers and holding off buyers.
After another rejection below $200, it has become a retest phase for Litecoin. It may not be long that buying action is initiated for LTC to recover price, but in the long run, the token shows no momentum to break past the $195 rejection point.
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