Litecoin price analysis: Bearish pressure takes LTC to $56.6 as bulls struggle

Litecoin price analysis: Bearish pressure takes LTC to $56.6 as bulls struggle
TL;DR Breakdown
  • Litecoin price analysis shows a bearish trend.
  • Resistance for LTC is present at $58.7.
  • Support for LTC is present at $54.8.

The Litecoin price analysis shows that the cryptocurrency has gone through a bearish momentum in the latest price chart. The bearish side has already been successful in halting the upwards price movement, and the last hours have seen a major decline in the price value.

The price has lowered to the level of $56.6, causing a reversal in the uptrend that followed earlier yesterday. As the price is slipping downwards now, further reduction in price can be expected as well. However, support is also present at the $54.8 level, which may act as a cushion if it persists.

LTC/USD 1-day price chart: LTC loses another 3.80 percent as bulls face defeat

The 1-day Litecoin price analysis indicates that the price has undergone a major decline today. That has been made possible by the bears, who have been able to interrupt the successive bullish wins. The bears have taken the price value down to $56.6, which is not surprising as the past week has seen bearish pressure building up since 19 July 2022. The coin has lost nearly 3.80 percent value during the last 24 hours.

ltc 1 das
LTC/USD 1-day price chart. Source: Trading view

The price is now trading below the Moving Average (MA) value which is currently set at $57.2. The expansion of Bollinger bands has resulted in increased volatility which is a partially negative indication for the future considering the current situation.

The Bollinger bands indicator displays the following figures; the upper band shows a $60.80 value representing the resistance, whereas the lower band shows a $47 value representing the support for LTC price. Lastly, the Relative Strength Index (RSI) score has also taken a sharp turn towards the downside and has decreased up to index 53, indicating the selling activity in the market.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour Litecoin price analysis is going strongly bearish as the cryptocurrency has gone through a major loss at the starting hours of the trading session. The LTC/USD price has dropped to the $56.6 level, which has damaged the coin’s value.

Meanwhile, the 4-hour price chart is also showing the Moving Average to be at $57.3, and the Bollinger bands average at $56.7. The SMA 20 curve is still going as compared to the SMA 50 curve.

LTC 4 hus
LTC/USD 4-hours price chart. Source: Trading view

Moreover, the upper Bollinger band is found at the $58.9 level, whereas the lower band is touching the $54.6 level. The Relative Strength Index (RSI) score has also decreased significantly because of the ongoing bearish activity and is now hovering at index 48 in the lower half of the neutral region.

Litecoin price analysis conclusion

The following 1-day and 4-hour Litecoin price analysis indicates a loss in the coin’s value today, as the price has moved down to $56.6. Although the past few days proved highly supportive for the bulls, the most recent update has been in favor of the bears. If the support level present at $54.8 remains the same, there are eminent chances for bulls to take the lead back in the next trading session. Nevertheless, the bears have been able to take the lead for today.

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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