- LTC/USD price function is bearish according to Litecoin price analysis.
- Support for LTC/USD is present at $167.
- Next, resistance is present at $176.
The Litecoin price analysis shows a bearish trend for today. The bears have taken over the price charts once again and brought down the price from $174 to $171 level, as market sentiment is bearish towards LTC/USD. Selling pressure came in during the last hours of yesterday’s session and is on the go till now, though the price is in the upper price channel if observed over the last two weeks, but the loss is significant and further degradation of price is expected in the coming days.
The broader cryptocurrency market is in the correction phase today, along with the leader Bitcoin and most top altcoins as well, however the overall market trend is still in the bullish direction, with some exceptions like Dogecoin and the latest loving charm SHIBA INU reporting outstanding gains, with SHIBA INU topping the list reporting 73 percent gain in value over the last 24 hours. The LTC/USD, despite the correction, still is at a gain of nearly two percent over the last 24 hours and around 18 percent over the past week.
LTC/USD 1-day price chart: More downtrend to follow?
The 1-day price chart for Litecoin price analysis shows the price breakup was downwards today and continues to go down as of now, and the LTC/USD pair is trading hands at 171.8 at the time of writing. The price trend was upwards during the entire last week, but today the price seems to be sliding sideways.
The volatility is decreasing for LTC/USD as the Bollinger bands are contracting with the upper bank of the indicator sinking more as compared to the uprise of the lower bank. The mean average line of the Bollinger bands is still below the price level at the $161 mark. The comparatively sharper convergence of the upper band indicates a further price deficit to follow in the coming days.
The relative strength index (RSI) is hovering in the neutral zone. The RSI started moving upwards after the 28th September and has attained an improved position during the past few days. RSI is present at 53 index but sinking slowly, indicating a selling activity gaining strength in the market.
The MACD oscillator indicator is giving a bullish signal, as is exhibited from the green color of the histogram since 1st October, but the size of bars has stopped increasing in size, indicating a stagnating bullish momentum.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Litecoin price analysis shows a continuous degradation of price, and no considerable bullish effort has been observed today. The last candlestick appearing on the 4-hour chart may also turn red soon as the volatility for LTC has decreased comparatively since 4th October limiting the price function.
The relative strength index (RSI) is moving horizontally, indicating some resistance from the bullish side, but if the RSI dips, it will be an indication of the price going further down.
The moving average (MA) is also showing some bearish traits as it is rising towards the price level on the 4-hour chart, and if the price falls a little more, the MA will go through a bearish crossover further authenticating the bearish dominance.
Though most of the technical indicators are still on the bullish side along with the short-term moving averages and exponential moving averages, however, the Hull moving average and the Momentum oscillator are showing signals for selling LTC assets.
Litecoin price analysis: Conclusion
The Litecoin price analysis suggests, despite the fact that most of the technical indications are giving bullish signals but looking at the chart patterns and sinking of RSI, it is safe to assume that the price will decrease in the coming hours, as well in the coming days, as the technical indications are bullish due to the previous strong bullish streak, and hasn’t caught up with the latest developments. Traders should expect a downtrend in the short-term as the price can reduce to $165, but in the mid-term, the price is expected to hit the $185 mark.
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