The most recent Litecoin price analysis shows that the cryptocurrency’s bears have completely taken control of the market. As a result, LTC has dropped below the $90.00 mark and is currently trading at around $87.48. This drop was mainly caused by weak buying pressure from investors as well as bearish sentiment in the wider cryptocurrency market.
In terms of support levels, Litecoin is currently finding immediate support at the $86.83 mark which has been holding as the key support level earlier. On the other hand, resistance levels are spotted around the $91.39 mark. If the bulls manage to push prices above this level, LTC could soon start a bullish rally and move back above $90.00.
Overall, with bears dominating the crypto market and investor sentiment towards the cryptocurrency remaining bearish, Litecoin may continue to decline in the near term before any chance of a trend reversal. Major coins such as Bitcoin, Ethereum, and Ripple are also facing a similar situation. Therefore, investors should be cautious when making any decisions regarding taking new positions in the market.
Litecoin price analysis 1-day chart: LTC loses over 3% as bulls face defeat
Litecoin price analysis on the daily chart shows a downtrend pattern as the negative pressure has successfully pushed the LTC price below the major support levels. Since the bulls showed weaker momentum, the bears have been able to break the $90.00 and push the LTC price to the $87.48 mark. The market cap remains at $6.37 billion as of the time of writing.
The Relative Strength Index (RSI) has also gone down from 50 levels to 44.33 indicating that sellers are gaining control of the market. The MACD indicator indicates bearish momentum as the MACD line drops further to the south in the near term which could see prices dropping even further. The red bars on the histogram are increasing in size which suggests a potential sell-off.
The moving average (MA) line is currently showing bear momentum as well. The MA20 line has dropped below the MA50 and is currently heading toward the south with further negative pressure. This could be an indication that LTC may stay in a bearish trend in the near term before any chance of a reversal.
Litecoin price analysis 4-hour chart: Recent developments and further indications
Litecoin price analysis on the hourly chart shows that the bears still have the upper hand in the market as sellers maintain control of the price movements. The buyers are seeking to defend the $87.48 mark as the immediate support level but bulls have not been able to push prices back above $90.00 yet.
The MACD indicator is still in the bearish territory as the red bars are increasing in size and gaining more energy which could be an indication that LTC prices may drop further. The RSI has also dipped to 37.96 which could be an indication that the bears still have more energy and are looking to continue pushing prices down in the near term. Moreover, the MA indicator is overwhelmed by the bearish energy as the red candlesticks are seen below the MA20 and MA50 lines.
Litecoin price analysis conclusion
In conclusion, Litecoin prices have dropped below $90.00 as the bearish trends continue to dominate the market. The support levels remain at $86.83 while resistance levels are spotted around the $91.39 mark. If buyers manage to push prices past this level, LTC could be set for a bullish rally. Investors should proceed with caution when taking any trading positions as the market remains volatile and uncertain in the near term.
