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Litecoin price analysis: Price curve stumbles at $61.63 as bears show resistance

Litecoin price analysis

TL;DR Breakdown

  • The downtrend lowers the LTC value to $61.62
  • Resistance for LTC/USD is present at $64.51
  • Support for LTC is present at the $61.26 level

Litecoin price analysis shows signs of a downward trend for the day, as the cryptocurrency faced a loss in the last 4-hours. Although the bulls took over the market in the last 12 hours, the downtrend was too strong to be reversed. The price curve has stuttered at the current level of $61.62, because of the latest bearish strike. Further downfall in coin value is to be expected if the sellers remain persistent.

LTC/USD 1-day price chart: Cryptocurrency value steps down to $61.63 after a downturn

The one-day Litecoin price analysis confirms a negative trend for the cryptocurrency, as the bears remained dominant during the day. Although the bullish curve was progressing swiftly in the earlier days, today’s trend is going relatively in favor of the bears. The price has been reduced to $61.63 because of the ongoing decreasing trend. If we discuss the moving average (MA) value in the one-day price chart, it is standing at the $66.11 level.

image 343
Source: TradingView

The short-term trending line is still moving ascendingly as the bulls were leading the market in the prior weeks. If we discuss the Bollinger bands Indicator’s values, its upper edge is present at $70.28, and its lower edge is touching $51.73. The Relative Strength Index (RSI) score is now 52.86, near the neutral zone.

Litecoin price analysis: Bearish slide relocates price to $61.63 low

The four-hour Litecoin price analysis confirms a declining trend as the bears have been ruling the price chart for the past few hours. A consistent drop in LTC/USD value was recorded for the previous hours, and the price dropped to $61.63 in the last four hours. The bearish wave is to continue in the approaching period as well as the selling activity is on the rise. The price is now standing lower than its moving average value, i.e., $62.96.

image 344
Source: TradingView

The SMA 20 curve is still moving at a greater height than the SMA 50 curve as the bulls were ahead of the bears in the earlier part of the day. Currently, the upper Bollinger band shows a value of $64.93, whereas the lower Bollinger band displays $59.66. The RSI graph shows a downward curve as the score lowered to 60.57.

Litecoin price analysis conclusion

The above one-day and four-hour Litecoin price analysis favors the sellers, as a considerable decline in coin value was observed during the day. A red candlestick indicated a drop in LTC/USD value, which was lowered to $61.63. Although there are signs of recovery as the bulls might regain control of the market, and push the price back to its prior value.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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