The most recent Litecoin price analysis shows that the bullish momentum is fading as the bears have now struck. The bulls had been driving LTC’s price up over the past few days, but it appears they have lost control and are beginning to retreat. LTC has been trading in the negative territory for the most part of today’s session and is now hovering around the $92.00 mark.
The resistance level is currently seen at $93.24 while the support level lies at $90.82. These levels indicate that the price of Litecoin is stuck in a tight range and could take some time to break either way. A break below the $90.82 support level could see LTC fall further and gain bearish momentum, while a break above the resistance level of $93.24 could set a continuation of the bullish rally for Litecoin.
The market capitalization of Litecoin is currently sitting at $6.71 billion a decrease of around 0.17 percent since yesterday. The daily trading volume has also declined by a significant margin and currently stands at $360 million. As of writing time, LTC is exchanging hands at $92.05 and has lost 0.18 percent in the past 24 hours.
Litecoin price analysis 24-hour chart: Bears take control of LTC/USD pair
The 24-hour chart for Litecoin price analysis reveals that the bears have taken control of LTC and are pushing it lower. The price has been on a downward trajectory since earlier today, with the bulls unable to reclaim their losses. The Bollinger band widen the structure is still intact, indicating that volatility in the market is still high.
The Relative Strength Index (RSI) is currently at 58.44 and has changed direction, signaling that the bears have taken control of LTC’s price momentum. The buying pressure has started to recede and the bears seem to have taken control of the market.
The Moving Average Convergence Divergence MACD has green bars on the histogram but they are losing momentum, pointing to a bearish trend in the market. The bulls may have lost some momentum but they still remain active in the market and could attempt another push higher once the bearish momentum has receded.
LTC/USD 4-hour chart: Recent developments and further indications
The hourly chart for Litecoin price analysis reveals that the bears are in control of LTC’s price action. The bulls have been trying to breach the $93.00 level but have been unsuccessful so far. The bears are managing to keep the price of LTC below the resistance level and could push it lower if the buying pressure subsides.
The Bollinger band indicator has contracted and the range has narrowed, indicating that volatility in the market is decreasing. The MACD indicator has red bars on the histogram but they are fading away slowly, hinting at a possible bullish reversal in the near future. The RSI indicator is currently hovering around 57 levels and has started to decline which could be an indication of further bearish momentum in the coming days.
Litecoin price analysis conclusion
Overall, the current Litecoin price analysis points to a bearish trend as the bulls have lost control of LTC’s price action. The resistance level is currently at $93.24 and could be breached if buying pressure rises again in the market. On the other hand, a break below the support level of $90.82 could see LTC slide further and lose more value.
