The Litecoin price analysis shows a bearish trend in the market, with a drop of 5.29 percent in the last few hours. The LTC/USD pair declined to $84.02, with more selling pressure on the coin. The support level for LTC is present at $82.34, and if it fails to hold the price, then we could expect a further decline in Litecoin prices.
In the last few hours, there has been an increase in selling pressure with heavy resistance around the $89.34 region. However, buyers are trying to keep the coin afloat in this bearish market and have been able to prevent the cryptocurrency from plunging.
Litecoin price analysis 1-day price chart: Bears drag the coin down
The 1-day price chart of Litecoin price analysis shows a bearish trend in the market, with prices plunging below $89.00. In the previous several hours, the LTC market fluctuated between $82.34 and $89.34 indicating a bearish trend. The chart also shows that the bears are dominating in this bearish market, but buyers have been able to prevent any major decline.
The moving averages are suggesting a downtrend in the LTC/USD pair with the 100-day Simple Moving Average (SMA) below the 200-day SMA indicating a bearish trend. The Relative Strength Index (RSI) also shows a bearish crossover with the current value at 39.02, indicating that prices may remain in a bearish range for some time. The MACD indicator is currently at -1.21 and suggests a mild downtrend ahead for Litecoin prices.
Litecoin price analysis 4-hour chart: LTC is hovering around $84.02 as the bearish trend remains intact
The 4-hour chart of Litecoin price analysis shows a bearish trend with prices hovering around $84.02 as bearish and bullish forces are battling for control. The red candlestick in the chart shows bearish momentum with sellers driving the coin to lower levels. In the previous hours, the prices bounced off the $89.00 region, but failed to sustain in that range and eventually dropped below the previous low of $82.34.
The moving average indicator is present at $86.38 and is currently above the 200-day SMA, suggesting that buyers are in control of the market. The MACD indicator shows a negative crossover, indicating that the bearish sentiment is likely to remain in the market. The RSI indicator shows a value of 34.89 and suggests that prices may remain in a bearish range as we move forward.
Litecoin price analysis conclusion
In conclusion, Litecoin price analysis indicates a bearish trend with LTC/USD pair trading at $84.02. However, buyers are trying to keep the coin afloat and have been able to prevent any major plunge. Both charts show a bearish trend with selling pressure dominating and if buyers fail to break the $89.00 resistance level then we could expect further declines in LTC prices.
