Litecoin price analysis shows a bearish trend for today. The bears have taken over the price charts once again and brought down the price from the $100 to $97.82 level, as market sentiment is bearish towards LTC/USD. Selling pressure came in during the last few hours of today’s session and is on the go till now, though the price is in the upper price channel if observed over the last two weeks, the loss is significant and further degradation of price is expected in the coming days.
Litecoin price analysis 1-day price chart: More downtrend to follow?
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 $97.82 at the time of writing. The price trend was upward during the entire last week, but today the price seems to be sliding sideways. The LTC/USD has declined by more than 0.36% in the last 4 hours, and it looks like a further downturn is expected in the coming days.
The volatility is decreasing for LTC/USD as the Bollinger bands are contracting with the upper bank of the indicator sinking more as compared to the uprise of the lower bank. The mean average line of the Bollinger bands is still below the price level at the $98.89 mark. The comparatively sharper convergence of the upper band indicates a further price deficit to follow in the coming days.
The relative strength index (RSI) is hovering in the neutral zone. The RSI started moving upward after the price consolidation but inched downwards again in the last few hours of today’s session. The RSI is currently at a level of 64.07 and might go lower in the coming days, which could further drag the price down.
Litecoin price analysis: Bears continue to drive LTC down
The 4-hour price chart for Litecoin price analysis shows a continuous degradation of price, and no considerable bullish effort has been observed currently. The last candlestick appearing on the 4-hour chart may also turn red soon as the volatility for LTC has decreased comparatively in the past few hours.
The relative strength index (RSI) is moving horizontally, indicating some resistance from the bullish side, but if the RSI dips, it will be an indication of the price going further down. The moving average (MA) is also showing some bearish traits as it is rising towards the price level on the 4-hour chart, and if the price falls a little more, the MA will go through a bearish crossover further authenticating the bearish dominance. The Bollinger bands are also showing some bearish signs as the upper band is inching downwards, and the lower band is going up. The price will further decline if the bands contract more, and no considerable resistance from the buyer’s side is expected then.
Litecoin price analysis conclusion
In conclusion, Litecoin price analysis indicates a bearish trend for now. The bears have taken over the market, and the LTC/USD pair is likely to fall further in the coming days if no considerable buying pressure is seen. Support for LTC/USD is present at $97.43 while resistance is at $102.2. If the price goes above $102.2, it could be a sign of bulls coming back into the market. However, if that does not happen and the bears keep dominating price charts, then LTC/USD will find itself going down further in the days to come.