The Litecoin price analysis reveals the cryptocurrency is facing loss once again as a heavy sell-off has been observed today. The price improved significantly in the last week, and the trend line was in a bullish zone. However, the LTC/USD pair is currently under pressure as it has been trading in the bearish zone since early today. The market sentiment is on the negative side, and prices may dip further if buyers fail to step in.
Though a bullish interval was also observed in the day, and opportunities appeared for the upside, the bears returned more aggressively. The price has been dragged down to the $90.19 level, and the market might remain in a bearish zone if the selling pressure continues to hold on to the LTC market.
Litecoin price analysis 1-day chart: Bearish strike deflated the LTC to $90.19 level
The 1-day Litecoin price analysis is showing a downtrend for the price function once again. The bears have managed to secure a win in the last few hours as the price has undergone a reduction up to $90.19, losing more than 0.7 percent during the last 24 hours. Although the bulls were able to sustain their lead in the past few days, today’s trend has been strongly on the bearish side yet again.
The recent defeat has marked the price below the moving average (MA) level at $91.53, and it has been stuck in a bearish zone ever since. The volatility is low as the upper Bollinger band has moved to the $97.87 position, whereas the lower Bollinger band is at $82.02. The Relative Strength Index (RSI) has taken a turn downwards and is on a steep downslope at index 51.48 because of the downtrend.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis confirms that a bearish trend has been at its peak. The bears have maintained their lead quite efficiently by bringing the price down to the $90.19 level. The price might move towards a new low, and the bearish momentum seems to be intensifying every hour. The moving average is still quite high and is settled at the $90.62 position for now.
The 50-day and the 100-day moving averages are also in a bearish zone, with the index at $90.63 and $90.31 levels, respectively. The Bollinger bands are also in a bearish zone as the upper band is at $94.83, and the lower one is at $89.01 position. The RSI indicator has also declined to the 42.54 level.
Litecoin price analysis conclusion
The Litecoin price analysis reveals that the LTC market is under the pressure of bearishness. The recent selling spree has dragged the price down to the $90.19 position, and it might remain in this zone if buyers fail to step in. The support level is strong at the $89.56 mark, and a turnaround might take place if buyers manage to hold on. The indicators are all in a bearish zone, and volatility is low as of now. It would be interesting to see how the market will behave in the upcoming days.
