Bitcoin
$ 29,799.00 0.97%
Ethereum
$ 1,942.81 3.06%
Solana
$ 47.99 3.45%
Dogecoin
$ 0.083626 0.10%
ApeCoin
$ 7.29 3.12%
STEPN
$ 1.37 2.96%
Terra
$ 0.000171 2.73%

Litecoin price analysis: Selling pressure leads LTC prices to nose dive to $106.53

Litecoin Price analysis

TL;DR Breakdown

  • Litecoin price analysis is bearish
  • Litecoin prices have seen major support at $106
  • Litecoin is likely to drop to $100 in the short term
Litecoin price analysis: Selling pressure leads LTC prices to nose dive to $106.53 1
Cryptocurrencies prices heatmap, source: Coin360

The recent Litecoin price analysis shows a prevailing downtrend in prices for the last 24 hours. The selling pressure has seen the price of LTC crash to the $106.53 level, where it currently trades. Litecoin will likely see a further dip in prices if support at the $106 level is breached.

As seen on the price movement in the Coinmarketcap, prices have followed a descending channel, with prices trading between $105.70 and 112.84. Prices have seen a bearish breakout at the $106 level, which will likely act as critical support for prices in the short term. The trading volume has seen a sharp increase, which indicates the high selling pressure, which currently totals $755,964,800.52 while the coin ranks in position 21 overall.

Litecoin price analysis on a 1-day price chart: Bears continue to push prices down

The Litecoin price analysis on the 1-day chart shows that the downtrend remains intact. Bears have heightened their selling pressure as prices have broken down from the descending channel towards the $100 level. The RSI indicator is currently oversold, which signifies that prices may see some slight relief soon.

Litecoin price analysis: Selling pressure leads LTC prices to nose dive to $106.53 2
LTC/USD 1-day price chart, source: TradingView

The MA 50 and MA 200 are both trending downwards, which indicates the bearish momentum in prices. The MACD indicator is currently bearish, with the moving averages and the signal line sloping downward. This indicates that selling pressure continues to increase in the market as we await a possible bullish breakout.

Litecoin price analysis on a 4-hour price chart: LTC prices set to hit $100

The Litecoin price analysis on the 4-hour chart shows that prices have followed a descending channel since August 19. The recent bearish breakdown from this channel is likely to see prices head towards the $100 level in the near term. The RSI indicator is currently oversold, which signifies that some relief may be on the cards soon.

Litecoin price analysis: Selling pressure leads LTC prices to nose dive to $106.53 3
LTC/USD -hour price chart.source: TradingView

The MACD indicator is currently bearish, with the moving averages and the signal line sloping downward. This indicates that selling pressure continues to increase in the market as we await a possible bullish breakout. The market volatility for LTC prices is increasing as indicated by the Bollinger bands, which are starting to widen.

Litecoin price analysis conclusion

The Litecoin price analysis shows that prices are currently in a downtrend as selling pressure continues to increase. The bears are still in control as we expect the prices to nosedive further to the $100 level. Volatility is currently on the rise, as indicated by the Bollinger Bands, which are starting to widen. LTC/USD prices face the strongest resistance at the $107 level. We expect the bulls to come out to defend the key $100 level as this marks a critical support area for the coin.

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.
Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.I love content and creating features on the cryptocurrency.

Related News

Hot Stories

Here's why attorney Jeremy Hogan believes Ripple lawsuit is nearing 'endgame'
Mastercard backs crypto despite market decline
Terra (LUNA) Rebounded over 1000% in A Day? — Can Investors Expect Any Ray of Hope?
XRP Price Prediction 2022-2030 [After Lawsuit]
Green Satoshi Token Price Prediction 2022-2031: Is GST A Good Investment?

Follow Us

Industry News

Singapore VC firm gets a $100 million metaverse and Web3 fund
Andreessen Horowitz raises $4.5 billion to back crypto firms
Babel Finance hits a $2b valuation with $80m in funding
The UpLift DAO team joined a closed VIP Discussion with Dr Gavin Wood on what it takes to Build a Better Web3
Mastercard backs crypto despite market decline