Litecoin price analysis shows that LTC/USD is currently in a bearish trend after a brief period of price consolidation. The crypto asset has lost over 2.82% of its value in the last 24 hours and is trading below $94.69. Resistance for LTC/USD can be found at the $98.12 level, while support is seen near the $94.67 level. Looking ahead, the next major resistance level for LTC/USD is at $98.12, and if this is breached, the price could surge to higher levels. On the other hand, if the current bearish trend persists, then another break below the $94.67 support line could lead to further declines in value. Litecoin’s current market capitalization of around $6.85 billion gives it a relatively small market share compared to other digital assets, which may indicate that the current bearish trend could continue for some time. Additionally, LTC/USD is trading well below its all-time high.
Litecoin price analysis 1-day chart: Bearish momentum degrades LTC price to $94.69
The 1-day Litecoin price analysis shows a downward trend in LTC/USD, and the overall sentiment is bearish. The next major support and resistance levels to watch are $94.67 and $98.12, respectively, with a potential for further declines if the current trend continues. The LTC/USD prices subject to fluctuations will fluctuate in the same direction as volatility; less volatility means a lower probability of the price shifting to either extreme.
The upper limit of Bollinger’s band exists at $101.52, while the lower limit is at $89.743. Moreover, moving averages are also indicating a bearish trend in the pair, as the 50-day moving average recently crossed below the 200-day moving average. The relative strength index (RSI) is currently at 52, which indicates that the pair is neither overbought nor oversold.
LTC/USD 4-hour price chart: Recent development and further technical indications
Looking at the 4-hour Litecoin price analysis, the cryptocurrency is trading in a range-bound market with no clear direction. The pair’s price has been fluctuating between $94.67 and $94.69, which indicates that the sellers rule the market. However, if either side takes control, we could see some volatility on either side of the range. The upper limit of the range is $98.6086, while the lower limit of the range is $92.5300.
The Relative Strength Index (RSI) is currently at 56.99, which indicates neutral market sentiment and suggests that the pair could continue to trade within the range-bound zone. Further, the moving average (MA) shows that the 50-day moving average is trading slightly below the 200-day moving average, which also confirms a bearish trend in the pair.
Litecoin price analysis conclusion
In conclusion, Litecoin’s price is currently in a bearish trend and could continue to decline if support levels are breached. The market indicators are pointing to further downside momentum in the near term as the bearish winds continue to blow. Investors remain cautious about the current economic condition and should keep an eye on the upcoming news for further developments in LTC/USD.
