The recent Litecoin price analysis is showing signs of bearish activity, as the bears seem to be taking control of the market, pushing the digital asset down to $84.00 from a high of $86.69 in just 24 hours. The digital currency has been facing some strong selling pressure and looks set for further losses as bearish momentum builds up.
The bearish pressure has been dominating the market sentiment for most days, as investor sentiment has become more risk-averse. The overall market sentiment for Litecoin is bearish, and it may take some time for the digital asset to return to pre-correction levels.
The 24-trading volume for Litecoin is $479 million, down by 16.42% from the previous day, while the market cap is $6.07 billion, down by 2.92% from the previous day, indicating strong bearish momentum.
LTC/USD 1-day price chart: Bearish pressure takes the price beyond $86.69 fence
The 24-hour Litecoin price analysis is bearish as the digital asset has come under strong selling pressure and went below the major resistance level at $86.69. The LTC/USD is down by 3.6% at the time of writing, trading at $84.00. The minor support level for Litecoin is found at $83.28, and if it breaks below this level, then we could see the price falling further down to $83.00 or even lower toward the major support level at $82.50 in the near future.
The Moving average convergence divergence (MACD) shows that the bearish momentum is still increasing and is likely to remain so in the near term. The Relative Strength Index (RSI) also indicates a strong bearish pressure on Litecoin, which further confirms our analysis that the digital asset could see further losses in the coming days.
The 50-day moving average (MA) is also below the 200-day MA, indicating that the bears are in control of the market. The moving average is currently at $90.48, which is just above the current Litecoin price.
Litecoin price analysis: Recent developments and further technical indications
The four hours of Litecoin price analysis is showings signs of a bearish trend as well, as the price has dropped down to a significant level. A downward trend has been observed in the past few days as more sellers are coming into the market. The bearish pattern is likely to continue in the near term, and investors should be cautious while trading as the digital asset could see further losses if it breaks below the $83.28 support level.
The hourly moving average (MA) is also forming a bearish pattern, with the 200-MA at $85.93 and the 50-MA at $95.11, indicating more bearish momentum. Similarly, the MACD blue line’s descent below the signal line, which has a value of -0.1744, supports this downtrend (negative). The histogram’s and MACD line’s bearish trend, which reinforces this drop, dim investors’ hopes for a probable turnaround. The Relative Strength Index (RSI) is also below the oversold level at 28.65, which further confirms our analysis that the price could see more losses in the near term.
Litecoin price analysis conclusion
The one-day and four hours Litecoin price analysis shows that the market has followed a downward trend for the day. The price has decreased to an extent and is now touching the $84.00 mark. On the other hand, a drop in LTC/USD price was detected in the last four hours as well, which means that the approaching hours might bring loss. However, if the market sentiment changes, then a reversal in trend can also be expected as the loss has been on the lower side up till now.
