logo

Litecoin price analysis: LTC falls below $87.50 support, further downside ahead

Litecoin price analysis

TL;DR Breakdown

  • Litecoin price analysis suggests a downward movement to $85.00
  • The closest support level lies at $85.00
  • LTC faces resistance at the $90.00 mark

The Litecoin price analysis shows that the LTC price action has fallen below the $87.50 support level as the bearish pressure increased.

The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include NEAR and AVAX, recording a 6.97, and a 6.09 percent decline, respectively. 

Litecoin price analysis: LTC falls below $87.50

image 533
Technical indicators for LTC/USDT by Tradingview

The MACD is currently bearish, as expressed in the red colour of the histogram. Moreover, the indicator shows steady bearish momentum as observed in the medium depth of the indicator. Furthermore, the darker shade suggests an increasing bearish pressure as the price approaches the $88.00 support level.

The EMAs are currently trading above the mean position as net price movement over the last ten days remains positive. Moreover, the EMAs trade at bay from each other suggesting steady bearish momentum. Moreover, the diverging EMAs suggest an increasing bearish pressure for the asset.

The RSI briefly rose to the overbought region but has since gone down toward the mean line as the bullish momentum slowed down. At press time, the indicator has retreated below the mean line at the 43.97 index unit level showing low bearish momentum. Moreover, the downward slope suggests a bearish pressure at the current price level as the price falls below the $88.00 mark. 

The Bollinger Bands are currently narrow as the price action exhibits low volatility in recent days. However, the indicator is expanding as the price action observes bearish movement near the lower limit of the bands. The indicator’s bottom line provides support at the $86.36 mark while the mean line presents a resistance level at the $89.01 mark.

Technical analyses for LTC/USDT 

Overall, the 4-hour Litecoin price analysis issues a sell signal, with 11 of the 26 major technical indicators supporting the bears. On the other hand, six of the indicators support the bulls showing a low bullish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market. 

The 24-hour Litecoin price analysis does not share this sentiment and instead issues a buy signal with 12 indicators suggesting a downward movement against four suggesting an upwards movement. The analysis shows strong bearish dominance across the mid-term charts with significant bullish resistance persisting. Meanwhile, the remaining ten indicators remain neutral and do not issue any signals at press time. 

What to expect from Litecoin price analysis?

image 532
4-hour price chart by Tradingview

The Litecoin price analysis shows that the Litecoin market is enjoying a strong bullish rally as the price rose from $66.00 to the current $87.00 in the last 30 days. Currently, the price is facing strong bearish pressure at this level as the price action was rejected at the $92.50 mark and falls back towards the $85.00 mark.

Traders should expect LTC to move down to the $85.00 support level where the closest key support level lies. The suggestion is reinforced by the short-term indicators and the 4-hour technical analyses, both of which support the bears. On the other hand, while the mid-term technicals are bullish, they are yet to react to the recent price movements. If the bulls are unable to defend the $85.00 mark, the price would fall to the $82.50 mark.

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 decision.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

Related News

Hot Stories

Filecoin price analysis: FIL shows bearish at $5.12 as selling pressure intensifies
Bitcoin sells at a 60% premium in Nigeria as the government shifts to a cashless policy
China's step towards cryptocurrency regulations
ChainLink price analysis: LINK bearish at $7
The Winning Trio for 2023: Flow (FLOW), EOS (EOS), Orbeon Protocol (ORBN)

Follow Us

Industry News

Bitcoin sells at a 60% premium in Nigeria as the government shifts to a cashless policy
China's step towards cryptocurrency regulations
Read why Floki Inu supply is set to decrease by 4.2 trillion FLOKI tokens
Chinese central bank former exec explains why China is wary of crypto
Binance burns 16m worth of BNB tokens; transitions from the ERC20 version of BNB to BEP2

Add Your Heading Text Here