Litecoin price analysis: LTC drags price down to $87.67 as bearish sentiment persists

Litecoin price analysis

TL;DR Breakdown

  • Litecoin price analysis shows a bearish trend
  • Support for cryptocurrency is seen at the $83.63 level
  • Resistance at the $89.64 level

The latest Litecoin price analysis shows a strong downtrend for the cryptocurrency today, as the coin value underwent a noticeable reduction. The ongoing decreasing trend has lowered the cryptocurrency value to an $87.67 low. Although the bulls dominated the market in the previous day, the bears have been trying to secure the winning position for the past few hours. It is expected that the bearish trend will aggravate further in the upcoming week.

The LTC/USD is down by 1.65% in the past 24 hours, and it is currently trading at $87.67. The cryptocurrency has a market capitalization of $6.30 billion and a 24-hour volume of $466 million, making it the 13th largest digital asset by market cap according to CoinMarketCap data.

LTC/USD 1-day price chart: Coin value demotes to $87.67 after bearish rush

The daily Litecoin price analysis shows a downward trend for the market, as strong selling pressure was observed during the day. The price curve shows a downward slope due to the ongoing bearish wave. Red candlesticks are marking bearish supremacy, and the price moved down to the $87.67 low in the past 24 hours. Although the bulls controlled the market earlier, the current trend is relatively bearish. The price is still higher than the moving average (MA) value of $87.95, but the gap is reducing in size.

image 576
LTC/USD 1-day price chart. Source: TradingView

The Moving Average Convergence Divergence (MACD) indicator displays a bearish market structure due to the continuous downtrend. The MACD line is in the negative zone and showing an increase in selling pressure during the day, as the signal line moves below the -0.36 level. The Relative Strength Index (RSI) is also in the selling zone, currently at 65.50. The market sentiment is still bearish and the current trend is expected to continue until a strong support level appears at $83.63.

Litecoin price analysis: Bearish wave continues as price further downgrades to $87.67

Litecoin price analysis shows that the bears are again occupying the leading position on the hourly price chart, as the price followed a downward movement in the past four hours. Although there have been constant variations in the price trends over the past few hours, the bears are currently winning the game. The coin value has been devalued to $87.67 as the bears have made a successful comeback.

image 577
LTC/USD 4-hour price chart. Source: TradingView

The moving average (MA) is also in the bearish zone, with a 50-day MA value of $91.51 and a 20-day MA value of $87.90. The MACD is also in the negative region, with the MACD line showing an increase in selling pressure. The RSI value is at 47.82, which is still below the midline indicating a bearish market sentiment. The chart shows that the coin value may continue to decline until it tests the $83.63 support level in the upcoming hours.

Litecoin price analysis conclusion

Litecoin price analysis concludes that the bearish wave is still in control of the market as the coin value dropped to $87.67. The strong selling pressure continued for hours, and it is expected to continue until a strong support level appears. The bulls need to regain control and increase the price above the $89.64 resistance level if they want to reverse the current trend. However, until then, a bearish market structure is expected to remain in place.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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