The Litecoin price analysis is going supportive for the bears today. More sellers are entering the market; as a result, the price levels have been falling actively since yesterday. The past few hours have also been unsuccessful for cryptocurrency, as the bears took the price levels to the lower level of the week.
Yet, today the bears have taken advantage by lowering the coin value down to $66.19. The price function has been continuously under selling pressure, and the price levels are falling steadily from the start of the trading session.
LTC/USD 1-day price chart: Bulls facing continuous defeat
The 1-day price chart showing cryptocurrency progress is going bearish today after the bears continued the ongoing bearish trend. The bearish momentum is strong; the price levels have decreased notably and have reached $66.19 today.
The momentum has been considerable, which is why the price value is just below the moving average (MA) value, i.e., 69. The volatility seems to be on the decreasing side but is still on the higher side.
The Bollinger bands after convergence show the upper band at $88.4 representing the resistance, and the lower band at $56 representing the support for LTC, respectively. The Relative Strength Index (RSI) score has decreased as well, and it has reached an index of 36 in the last 24-hours, indicating the selling pressure on the crypto pair.
Litecoin price analysis: Recent developments and further technical indications
The 4-hours Litecoin price analysis is dictating a major drop in the price levels today. The market has faced strong pressure from the bearish side in the past couple of hours, yet today the trend is going in favor of bears.
The bears have been in the dominating position, as the price has decreased to $66.21 in the most recent update. The moving average value is $68.2, and the Bollinger bands average is 69.4.
The Bollinger bands are expanding as the upper band has reached $73 and the lower band has traveled to the $65.8 level in the 4-hours price chart, and the price has reached near the lower band, which is a bearish indication. The RSI score has also fallen in the last four hours and has reached index 35, but now it shows a slow down in the selling activity.
Litecoin price analysis conclusion
From the above 1-day and 4-hours Litecoin price analysis, it is evident that the bears have taken the coin’s price below $66.19 today. The bears have been able to preserve their lead.
It is expected that the bearish trend will continue for today, as the general analysis shows bears going stronger. But if the support at $65.8 remains the same as indicated by the Bollinger bands on the four-hour chart, then it is possible that the cryptocurrency may get support soon.
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