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Litecoin price analysis: LTC continues downside at $156, as bears rule the market

Litecoin price analysis LTC continues downside at as bears rule the market

TL;DR Breakdown

  • Litecoin price analysis is bearish today.
  • Resistance for LTC is present at $162.
  • Support is present at $152.

The Litecoin price analysis shows, a drop in price has been observed today, which is why the market is now following a bearish trend. The cryptocurrency is covering a downwards range as the bears have been able to stop the price from going above $158. The downturn was expected after the bulls took the price up yesterday, but bears had to intervene again and take the price down as the trend was bearish for the past many days. Yet, a drop in price was recorded today as the price moved down to $156.

LTC/USD 1-day price chart: bear continue to degrade the price level

The price is going down once again as a bearish trend has been confirmed from the 1-day Litecoin price analysis. The price had been improving significantly yesterday, as an upward trend was taking over the market. But a notable drop in LTC/USD value has been observed today again as the price has fallen to the $156 level and still continues to cover the downwards range. The price is trading below the moving average indicator’s (MA) value, standing at $158.

Litecoin price analysis: LTC continues downside at $156, as bears rule the market 1
LTC/USD 1-day price chart. Source: Trading view

The bears have restricted the price under the resistance level present at $156, which is the price cap of 5th December. Furthermore, The volatility has been towards the increasing side, with the upper Bollinger band present at the $233 mark. In comparison, the lower Bollinger band is present at the $134 mark representing a support zone for LTC. The Relative Strength Index (RSI) score improved yesterday due to the demand for LTC, but now the indicator is trading at a slight downwards slope, hinting at the market pressure over the LTC price.

Litecoin price analysis: Recent developments and further technical indications

The 4-hours Litecoin price analysis confirms the bearish trend as the price underwent more decline today. Although a downtrend has been dominating the price chart for the past weeks, the bears have been persistently putting in efforts to continue their lead. Today, the bears have damaged the cryptocurrency’s value more as the price has come down to the $156 level as the price function is headed downwards continuously today. However, the LTC/USD pair maintains the price level above the moving average (MA) value, which is trading at $154 for now, but if the price travels below the MA, it will be another bearish crossover.

Litecoin price analysis: LTC continues downside at $156, as bears rule the market 2
LTC/USD 4-hours price chart. Source: Trading view

The volatility has decreased as the price variations have been minor on an hourly basis. The Bollinger bands values are as follows; the upper value is currently at $161, whereas the lower value is at $148, and the average of the indicator is at $154, representing support for LTC. The RSI curve is moving down once again as tits value has now decreased to index 48, but the RSI slope is not steep.

Litecoin price analysis conclusion

Today’s Litecoin price analysis report suggests a continuation of the downtrend as the coin has been declining since 15th November. The RSI score is on the lower side, which hints at the market being under bearish pressure. We expect LTC to continue downside for today, but the coin may maintain the price level above the $150 psychological mark.

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.

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