Litecoin price analysis has been on a bearish trend recently, and the prices have dropped to $96.88. The digital asset started the day trading at around $99.87 and fell for most of the day before settling at its current price level. Over the past 24 hours, Litecoin has seen a sharp drop of 2.56%, indicating the ongoing bearish momentum.
The digital asset is trading under the descending triangle pattern, while its support is placed at $96.75 and its resistance is at the $99.86 level. This indicates that Litecoin’s bearish momentum could continue in the near term.
LTC/USD 1-day price chart: LTC levels descend to the $96.88 mark
The 24-hour Litecoin price analysis shows bears are defining the price curve today. The LTC/USD is correcting after the bullish recovery of yesterday. The LTC/USD pair is trading hands at $96.88 at the time of writing. LTC prices are trading in the range between $96.00 to $99.00 and are likely to see an upside trend reversal from the support levels. The supertrend indicator had generated a sell signal indicating the short-term trend may remain in a bear grip but if bulls succeed to trade above $100.00.
On a daily time frame, the MACD has generated a negative crossover denotes prices may trade with mild bearishness. The RSI is hovering around the oversold region which is a sign of bearishness in the near term. The RSI is also sustaining its position below the 70 level which indicates that sellers have an upper hand in the market. The 50-day moving average is placed above 200-day MA, suggesting a bearish pressure in the near term. The simple moving average (SMA) of 8 periods has crossed the SMA of 21 periods from above, denoting a bearish trend.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Litecoin price analysis shows that bears are striving for the lead and have caused some damage to the overall value of the coin, but at the same time, the bulls have dodged the bearish pressure as support has appeared and the price function is headed up once again.
The RSI has fallen near the centerline of the neutral zone at index 54.33, but the curve is slowly turning upwards as the buying activity resumes in the market. The price has been trading below the moving average (MA), which is present at $98.33. Moving Average Convergence Divergence currently indicates a Bearish trend on the daily chart as it gives a negative crossover with the significance of the sellers’ line over buying signal line.
Litecoin price analysis conclusion
Overall, the near-term outlook for Litecoin price analysis is bearish. LTC/USD prices are trading around $96.88 and could continue to move down in the short term if no bullish pressure is witnessed. The massive selling pressure could lead to Litecoin breaking past the $96.75 level of support, which could spiral the prices to new lows.
