- Litecoin price fell as low as $150.73 on intra-day trade
- After consolidation at $182 last week, LTC fell another 13 percent
- Trading volume up 31 percent to further justify worrying trend
Litecoin price analysis shows that the token has continued its distinct decline this week, recording as low as $150.73. After reaching a 30-day high of $231.33 on September 5, LTC witnessed a severe sell off on September 7, pushing price as low as $161.32.
A consolidation period followed, boosting price up to $189. Since then, the coin has been facing significant sell offs in the market, propelling it back to $160.27 at the time of writing. Trading volume consolidates the worrying pattern for LTC, upping 31 percent over intra-day trade to sit well above 3 billion.
The larger cryptocurrency market mimicked Litecoin’s trend over the last 24 hours, led by Bitcoin receding more than 4 percent to move as low as $43,000. Ethereum also fell 3 percent to sit just above $3,000 while Altcoins presented similar signs. Dogecoin continued its downfall from yesterday, moving down another 7 percent to $0.199, while Ripple and Cardano also plummeted. The only positive movement in the overall market was seen by Solana, sitting just above $142.
LTC/USD 24-hour chart: Red candlesticks dominate intra-day trade
On the 24-hour chart for Litecoin price analysis, red candlesticks can be seen dominating the recent trading sessions, confirming the bearish outlook. The Relative Strength Index (RSI) is at a lowly 39, justifying the non-existent buyer interest for the token.
Price has also moved below the Exponential Moving Average (EMA) after yesterday’s decline that pushed price down from $175.49 to $157. On the Bollinger Bands’ curves, price sits dangerously close to the bottom curve, indicating an undervalued status for Litecoin.
At current trade, price isn’t expected to move upwards anytime soon. If price can hold off further selling to maintain above $160 support, a consolidation there could present the best possible outcome for LTC.
LTC/USD 4-hour chart: An opportunity to consolidate above $160 support
On the 4-hour chart, price can be seen battling to stay above the support level at $160. It presents an opportunity for Litecoin to consolidate and initiate a push along with the rest of the market from this point. However, the RSI value of 31 suggests there is very little buyer valuation in the token and price is expected to fall further as per Litecoin price analysis.
The Moving Average Convergence Divergence (MACD) line is well below its neutral zone at $156.55, hinting that selling and sorting action is currently dominant for traders. Over the next few sessions, price would continue to battle to hold above $160 support. Conversely, if seller momentum strengthens, the lower support level at $130 could also be tested.
Technical indicators suggest that LTC is set for the bearish trend to continue after falling below the $160 support over 24 hours. The RSI values hint of the very little buyer valuation currently, but if price can manage to hold above the current point a consolidation period may commence.
If the decline worsens, support level might lower down to $130 and the token will devalue further before putting up resistance.
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