Litecoin price analysis shows an increasing bearish tendency as the price has followed a descending movement in the last 24 hours. The bulls had attempted to push LTC prices up to $80.35 but were unable to break past the resistance level of $80.33. however, the bears have managed to continue their impact on the market by bringing the price down to its former low level of the $76.78 mark.
Today’s overall market sentiment is negative, and we are likely to see LTC prices testing the $76.68 support level in the near future. The Litecoin price analysis is down by 4.02% in the last 24 hours, with a trading volume of $623 million. The market cap for the LTC has decreased to $5.526 billion, placing it at the 13th rank on CoinMarketCap’s list of cryptocurrencies by market cap.
Litecoin price analysis 1-day price chart: Bearish pressure still weighs on the price function
The 1-day price chart for Litecoin price analysis shows the price movement is continuously downwards, as the price has decreased further today. Overall the LTC/USD shows a decrease in price over the last 24 hours, and the cryptocurrency reports a decrease in price value over the past week extending to 1.40 percent.
The EMA lines are flattening out, indicating a decreased momentum in the price function. The MACD line is also shifting downwards with the histogram showing a bearish footprint. The RSI indicator is at 64.03, indicating the LTC price is nearing oversold conditions.
Litecoin price analysis: Bearish momentum increases on the hourly chart
The 4-hour Litecoin price analysis shows the price has been trading within the $76.68 to $80.33 range and a break either below the support of $76.68 or above the resistance at $80.33 may determine further price movements for LTC in the short term. The price is now touching the $76.78 level, indicating that the bears are still in control of the market.
The hourly Relative indicatory index (RSI) is at 57.29, indicating that the LTC prices are moving towards oversold conditions. The MACD line is continuing to drop and is almost touching the signal line, which suggests a further fall in price in the near future. The EMA on 4-hour charts shows a significant downward trend as it currently sitting at the 50-day EMA and is likely to cross below the 200-day EMA. with continued bearish momentum on the hourly chart, it looks like LTC prices may test the $76.68 support level in the next few hours.
Litecoin price analysis conclusion
Overall, the Litecoin price analysis points towards a bearish trend for today and we may see LTC prices falling further in the short term. However, traders should keep an eye on any favorable news or upcoming events that could push the price up again.
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