Litecoin price analysis: LTC/USD in strong bearish grip as price slides down to $78.88

Litecoin price analysis

TL;DR Breakdown

  • Litecoin price analysis is bearish today
  • Support for LTC/USD is present at $78.83
  • Next, resistance is present at $81.64

Litecoin price analysis shows a bearish trend for today. The bears have taken over the price charts once again and have reduced the price level to $78.88, as market sentiment is bearish towards LTC/USD. Selling pressure came in at the start of today’s trading session, but the trend remained undetermined during the first four hours, and after that, bears outplayed the bulls.

The price trend line shows a downward curve for today. The support level for LTC/USD is present at $78.83. If the price falls below this level, it may continue to decline toward lower support levels at $78.50 and $78:30 support level. On the other hand, if the bulls manage to push back and increase buying pressure, the next resistance level for LTC/USD is $81.64.

Litecoin price analysis 1-day price chart: Price goes down to $78.88

The 1-day price chart for Litecoin price analysis shows the price breakup was downwards today and continues to go down as of now, and the LTC/USD pair is trading hands at $78.88 at the time of writing. The price trend was downwards from yesterday, and today the price seems to be sliding sideways. The trading volume for LTC/USD today is at $573 million and has a market cap of $5.67 billion.

image 116
LTC/USD daily chart, source: TradingView

The volatility is increasing for LTC/USD as the Bollinger bands are expanding with the upper side of the indicator readjusting itself to $135, and the lower band has come down to $109.7 representing support for LTC as the price is trading near the lower band. The mean average line of the Bollinger bands is still above the price level at the $122 mark. The relative strength index (RSI) is hovering in the neutral zone. RSI is present at index 42 but sinking slowly, indicating a selling activity gaining strength in the market.

Litecoin price analysis on a 4-hour chart: Recent developments and further technical indications

The 4-hour price chart for Litecoin price analysis supports the bears as the price has covered a downward movement in the past few hours. The price breakout was upwards, but at the start of the trading session, as bulls tried to recover during the late hours yesterday; however, the descending curve confirms a bearish trial as a red candlestick appeared on the hourly price chart. The bearish momentum intensified as the price dropped down to a $7.88 low. The short-term trending line is also moving in the bearish direction now. On the other hand, the moving average mentioned in the four-hour price chart stands at $7.22.

image 114
LTC/USD 4-hour chart, source: TradingView

The volatility is seemingly high, which means that the ongoing downtrend may extend within the next few hours. The Bollinger band indicator’s values have shifted as thus that now the upper value is $8.66, whereas the lower value is $6.74. The RSI score moved to index 25 because of the downward wave continuing for the past few days. The coin is still undersold on the 4-hour chart, and the RSI curve is flat, hinting at a lack of bearish momentum, but the bearish pressure still weighs on the price function.

Litecoin price analysis conclusion

To sum up the Litecoin price analysis, the bearish momentum has arrested the LTC/USD pair’s function at $78.88, and the trend is strongly bearish for the short term. The price may fall towards lower support levels if selling pressure continues to dominate. The daily and hourly technical indicators also support the ongoing bearish trend.

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.He loves content and creating features on cryptocurrency.

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