Today’s Litecoin price analysis indicates a downward trend as a bearish shift has been recorded, leading to a decrease in its value. The cryptocurrency’s price has been impacted by this bearish strike. Bears have made an entry amid the recent bullish momentum, resulting in a bearish impulse that has pushed the LTC/USD value down to the $80.09 limit. As a result, the cryptocurrency has been following a decreasing trend today.
LTC/USD 1-day price chart: Downtrend Takes Hold of the charts
The one-day Litecoin price analysis has yielded unforeseen outcomes for the coin, The coin has experienced a downward movement, likely due to the bearish strike that has resulted in a considerable impact on its price, bringing it down to the $80.09 level over the past 24 hours. The price function had been quite stable during the last two day as a continuous upwards trend was observed. The moving average indicator (MA) is present at a value of $83.54, below the price level.
Today, there have been changes in the values of the Bollinger bands. The upper band now displays a value of $94, while the lower band shows a value of $78.64. These values indicate potential resistance and support levels for the coin’s price function. In addition, the bearish intervention has caused the Relative Strength Index (RSI) curve to drop to an index of 37.
Litecoin price analysis: Recent developments and further technical indications
According to the four-hour Litecoin price analysis, the price has been decreasing again in the past few hours, indicating a potential resumption of the downward trend. Despite the LTC/USD facing a significant decline previously, with a major downward trend, today the price has once again turned towards the downside due to increased selling pressure in the market. Nevertheless, the LTC price is still below the moving average value, which is currently at $80.31.
The volatility has been mild on the 4-hour chart and further decreasing, which is highlighted by the Bollinger bands convergence, and their average has also moved down and is present at $79.78. Meanwhile, the upper Bollinger band is present at the $82.28 mark, and the lower Bollinger band is at the $77.29 mark representing support for LTC. The RSI is trading at index 42 on a downwards slope, giving a sell call.
Litecoin price analysis conclusion
According to the Litecoin price analysis, the coin has been impacted by bearish activity, resulting in a downward trend as the price has been decreasing over the last few hours. It is anticipated that the downward trend will persist for a few more hours until support is reached at 78.64.
