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Litecoin price analysis: Bulls encounter bearish obstacle at $136 as downtrend follows

Litecoin price analysis Bulls encounter bearish obstacle at as downtrend follows

TL;DR Breakdown

  • Price dropped down to $136.48.
  • Litecoin price analysis confirms downturn.
  • Support is found at $94.65 extreme.

The latest Litecoin price analysis confirms a bearish trend for the day as the price experienced a major drop in the past 24-hours. The bearish momentum is growing after a consistent defeat as a bullish wave was occupying the market earlier. Currently, the bears are on top as the price moved down to $136.48 during the day. The bulls have thus remained unsuccessful in crossing their $139.75 target for the day.

LTC/USD 1-day price chart: Coin value degrades up to $136.48 after bearish flow

The one-day Litecoin price analysis predicts a downward market trend for the day as the cryptocurrency faced a considerable loss. Today, the bears made a successful return after a constant bullish wave dominated the market in the past week. Today, the cryptocurrency value moved down to $136.48 due to the declining trend that emerged. However, it is still quite high compared to its moving average (MA) value, i.e., $136.48.

Litecoin price analysis: Bulls encounter bearish obstacle at $136 as downtrend follows 1
LTC/USD 1-day price chart. Source: TradingView

The Bollinger bands are expanding as the volatility is increasing, and the upper extreme shows a $139.75 value, whereas the lower extreme displays a $94.65 value. At the same time, the Bollinger bands are currently making an average of $117.20. The Relative Strength Index (RSI) score has dropped down to 58.50 because of the fall in price.

Litecoin price analysis: Price steps down to $136.41 as bears secure lead

The hourly Litecoin price analysis favors the sellers, as a downward price movement was observed in the past few hours. The price curve took an unexpected bearish turn during the past four hours because of heavy selling pressure. This is why the LTC/USD value has been lowered to $136.41, and further downflow is expected soon. According to the hourly price chart, the moving average value settles at $138.90.

Litecoin price analysis: Bulls encounter bearish obstacle at $136 as downtrend follows 2
LTC/USD 4-hours price chart. Source: TradingView

The bulls have been traveling high during the past few weeks, but the trends underwent a major shift in the past four hours. The upper Bollinger band value has been lowered to $143.67, whereas the lower Bollinger band value has moved up to $129.94. The RSI score descended to 54.95 because of the overwhelming bearish pressure.

Litecoin price analysis: Bulls encounter bearish obstacle at $136 as downtrend follows 3
LTC/USD technical indicators chart. Source: TradingView

The technical indicators chart for LTC/USD gives a neutral hint as the general analysis confirms that the price trends have constantly varied for the past few weeks. There are a total of 10 indicators occupying the buying position, whereas eight indicators are there on both of the selling and neutral positions.

The Moving Averages Indicator gives a positive hint regarding the market events. There are nine indicators on the buying side; five are on the selling side, whereas only one is present on the neutral side. The Oscillators are giving a bearish signal regarding the ongoing price trends. Seven oscillators sit on the neutral edge, three on the selling edge, while one indicator is there on the buying edge.

Litecoin price analysis conclusion

The one-day and four-hour Litecoin price analysis shows a bearish trend as the bears have managed to make a strong comeback. Although a bullish stream was following the market earlier, today, the price leveled down to $136.48. Further decline in LTC/USD value seems near during the next few hours as well according to the four-hour price chart.

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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