The study of the Litecoin price analysis reveals a price drop. The LTC/USD combination began the day with a bullish recovery, but later in the day, the bears resumed the correction process. Yesterday’s pattern was bearish, and the market is still under bearish pressure. The LTC/USD pair is currently trading at $88.11 after the drop.
The market revival that was seen at the end of yesterday was not significant enough to reverse the price movement trend set up by the bears from the last few days. Comparatively speaking, the entire previous week was bad for the value of cryptocurrency because the downward trend line persisted.
LTC/USD 1-day price chart: Intense selling pressure prevents bullish efforts from succeeding
According to the 1-day Litecoin price analysis, LTC is struggling at $88.11. After a reversal yesterday, the price is declining once more today. Price fluctuations have been seen over the past few hours, but generally, bears are in the lead because selling pressure is still present and supporting the bearish momentum. LTC’s value declined 6.18 percent over the previous week and 2.45 percent over the past 24 hours. Today’s trading activity has dropped by 18.50 percent.
The price is above the average of the Bollinger bands but remains below the level of the moving average (MA), suggesting a bearish trend. The upper Bollinger band at $96 represents the resistance, the lower band at $75 represents the support, and the average is at $86 below the price level. Volatility is significant but on the decline. The moving average (MA), which is present at the $91 level, is also hovering above the price level. As its curve is moving downward, the relative strength index (RSI), which is in the neutral zone at 50, is displaying indications of market selling pressure.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis confirms the bearish momentum even more. Over the past few hours, price action has been downward, with bears driving the price even lower. However, nearby support is also present, suggesting that in the ensuing hours the price may begin to recoup.
The Bollinger bands average is forming at the $89 mark above the price level, indicating that the volatility is almost constant, with the upper and lower Bollinger bands at $92 and $86 respectively. The moving average (MA), which is slightly below the price level of $89 and has gone below the SMA 50 curve, is another sign that things are going downhill. Given that the relative strength index (RSI) has sunk to index 42 and that if it continues to decline, the price will also decline, the falling RSI during the present hours is a sign of selling pressure.
Litecoin price analysis: Conclusion
The hourly and daily Litecoin price analysis data currently show a continuation of the bearish momentum. For the LTC/USD pair, the market is displaying mixed sentiment that is leaning negatively. A further drop can be anticipated in the hours to come, but it will be on a controlled level because the support is also close by.
