Litecoin price analysis: LTC recedes to $92 after rejection

TL;DR Breakdown

Litecoin price analysis shows strong resistance at $93.8.
Possible decrease in LTC’s market value suspected.
The current support level is at $91.3.

The latest Litecoin price analysis shows a bearish trend despite its efforts to surpass the $92.8 resistance. In the past few hours, the price has faced rejection at this level, resulting in a continuous downward drift. Sellers’ pressure has pushed the price down to $92.1, with red candlesticks dominating the current graph.

Litecoin price: Daily chart gives bearish signals for the market

Based on the 1-day price chart for Litecoin price analysis, it becomes apparent that bulls and bears have engaged in intense competition over the past couple of days. The coin experienced a robust bullish trend, reaching its highest point at $93.8 on May 17, 2023, accompanied by substantial value growth. However, maintaining the $93 level has posed challenges, resulting in the current price decline to $92.15. The return of selling pressure today has further contributed to the downward movement.

LTC1dawLitecoin price analysis: LTC recedes to  after rejection
LTC/USD 1-day price chart. Source: TradingView

A comprehensive assessment of the Bollinger bands reveals an average value of $86.1. The upper boundary of the bands indicates a resistance level of $95.1, while the lower boundary represents a support level of $76.4. Additionally, the moving average indicator (MA) still aligns with the previously bullish sentiment, displaying a value of $89 in the analysis.

With an RSI score of 58, the indicator resides in the upper portion of the neutral zone, suggesting a state of equilibrium. The flat curve further suggests competition between buyers and sellers in the market.

Litecoin price analysis: Recent developments and further technical indications

Today’s hourly Litecoin price analysis reveals disappointing outcomes for prospective buyers. The prevailing trend has predominantly favored the bears, resulting in a gradual decline in price since the commencement of the trading session. However, it is important to note that the downtrend remains manageable, and no significant setbacks have been encountered thus far.

ltc4hdreLitecoin price analysis: LTC recedes to  after rejection
LTC/USD 4-hours price chart. Source: TradingView

The Bollinger Bands indicator exhibits a gradual contraction, indicating a decrease in overall volatility for the cryptocurrency. This reduction in volatility suggests a high chance of fewer price oscillations during today’s trading session. On the four-hour chart, the average value of the Bollinger bands is recorded at $91.9. The upper band is positioned at $93.6, while the lower band has moved to $90.1.

Looking at the moving average indicator’s statistics, it is positioned below the SMA 50 curve at the $91.8 level. On the 4-hour chart, the RSI value stands at 56, representing an average figure. However, the downward slope of the RSI curve indicates the progress made by sellers in the market.

Litecoin price analysis conclusion

Based on today’s Litecoin price analysis, a bearish movement can be anticipated. Taking a closer look at the one-day LTC/USD chart, a distinct resistance level of $93.8 is observed. Volatility, as depicted on the charts, is higher on a daily basis, but it is gradually decreasing on an hourly basis, making it challenging to predict precise future trends. However, should LTC/USD successfully hold its current support level, there is a fair chance of recovery following a later correction.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Litecoin price analysis: LTC recedes to $92 after rejection

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月22日 09:26
Next 2023年5月22日 12:09

Related articles

  • Elon Musk in trouble over Trump Twitter records

    TL;DR Breakdown Elon Musk’s acquired platform, X (formerly Twitter), fined $350,000 over delay in providing Trump’s account records. The request was part of a DoJ investigation into disruptions post-2020 elections and the January 6 Capitol breach. X tried challenging a gag order that prevented public discussion of the warrant, citing First Amendment rights. Description Elon Musk’s recent acquisition, now rebranded as X but once widely recognized as Twitter, finds itself ensnared in legal controversies involving none other than former U.S. President Donald Trump. A hefty $350,000 fine was slapped on X for its delay in responding to a covert search warrant relating to Trump’s infamous Twitter records. The evolving … Read more Elon Musk’s recent acquisition, now rebranded as X but once widely recognized as Twitter, finds itself ensnared in legal controversies involving none other than former U.S. President Donald Trump. A hefty $350,000 fine was slapped on X for its delay in responding to a covert search warrant relating to Trump’s infamous Twitter records. The evolving drama provides a window into the intricate dance of politics, business, and law….

    Article 2023年8月11日
  • European Central Bank Proposes Limits on Use of Digital Euro in Draft Proposal

    TL;DR Breakdown The European Union is considering the implementation of a digital euro, with a draft proposal suggesting limits on its use to maintain financial stability. The investigation phase by the European Central Bank (ECB) is nearing completion, determining whether the development of a digital euro will proceed. European Union explores the implementation of a digital euro amidst discussions on financial stability and market impact. In a recent development, the European Union’s executive branch is set to reveal plans for a digital euro that would necessitate the European Central Bank (ECB) to establish constraints on its usage. According to a draft proposal obtained by Bloomberg News, the ECB would be responsible for determining the necessary measures to ensure financial stability. Contents hide 1 European Commission’s Draft Proposal Sheds Light on Digital Euro Limits 2 ECB’s Investigation Phase and the Path Towards Development 3 Global Interest in CBDCs Grows as Privacy Concerns Arise 4 Conclusion European Commission’s Draft Proposal Sheds Light on Digital Euro Limits The draft proposal emphasizes the importance of maintaining the stability of the financial system, the availability…

    Article 2023年6月18日
  • Celsius network files petition for relief in GK8 proceeds distribution amidst legal turmoil

    TL;DR Breakdown Celsius Network files a petition seeking relief in distributing proceeds from the GK8 sale. A settlement agreement was reached among Series B investors, allocating $25 million, with $24 million for legal fees and $1 million for stockholders. Acquisition of GK8 and subsequent bankruptcy present challenges for Celsius Network. Description Celsius Network, a bankrupt cryptocurrency lending company, has approached the court for relief concerning the distribution of proceeds from the sale of the self-custody platform GK8. Significantly, on July 17th, the company’s unsecured creditors filed a document. It announced that the Series B investors of the company had agreed to a settlement. This agreement would … Read more Celsius Network, a bankrupt cryptocurrency lending company, has approached the court for relief concerning the distribution of proceeds from the sale of the self-custody platform GK8. Significantly, on July 17th, the company’s unsecured creditors filed a document. It announced that the Series B investors of the company had agreed to a settlement. This agreement would divide $25 million from the GK8 sale. The creditors’ committee, the debtors, and the original consenting…

    Article 2023年7月18日
  • Federal Reserve issues consent order to Silvergate Bank to wind down operations and liquidate

    TL;DR Breakdown The Federal Reserve issues consent order to Silvergate Bank and parent company for winding down operations and liquidation. Silvergate voluntarily closes due to industry and regulatory developments, with significant declines in crypto-related deposits. Self-liquidation plan overseen by Federal Reserve and California regulators to protect depositors’ funds; closure impacts other crypto-friendly banks. In a move to facilitate the voluntary self-liquidation announced by Silvergate Bank earlier this year, the Federal Reserve Board has issued a consent order to the bank and its parent company, Silvergate Capital Corporation. The order aims to ensure an orderly wind-down of the bank’s operations while safeguarding the interests of depositors and the Deposit Insurance Fund. @federalreserve announces consent order against Silvergate Capital Corporation and Silvergate Bank to facilitate the voluntary self-liquidation that Silvergate announced on March 8, 2023: https://t.co/iWp4mfUeYI — Federal Reserve (@federalreserve) June 1, 2023 Silvergate Bank, one of the major crypto-friendly banks, made headlines in March when it unveiled plans to shutter operations due to recent industry and regulatory developments. Following the collapse of the crypto exchange FTX in November 2022, examinations conducted…

    Article 2023年6月6日
  • Chinese yuan hits new low: BRICS brace for impact

    TL;DR Breakdown The Chinese yuan is nearing a 15-year low, which may impact the BRICS alliance and its developing currency. The upcoming BRICS summit will focus on the implications of the yuan’s fall, especially on the potential BRICS native alternative currency. The Chinese Central Bank promises to stabilize the yuan and increase support for the broader economy. Description As an unforgiving tide seems to sweep across China’s economic landscape, its currency, the yuan, teeters precariously on the brink of a 15-year trough. This plummeting trajectory of the yuan doesn’t only affect China, but it sends reverberations through the BRICS alliance, leaving the members bracing for the impending consequences. The undeniable impact on BRICS … Read more As an unforgiving tide seems to sweep across China’s economic landscape, its currency, the yuan, teeters precariously on the brink of a 15-year trough. This plummeting trajectory of the yuan doesn’t only affect China, but it sends reverberations through the BRICS alliance, leaving the members bracing for the impending consequences. The undeniable impact on BRICS The BRICS conglomerate, comprising of Brazil, Russia, India, China,…

    Article 2023年7月4日
TOP