TL;DR Breakdown
- The Litecoin price analysis shows bearish market sentiment.
- Strong support is found at $89.
- The nearest resistance is found at $92.5.
The Litecoin price analysis shows a further collapse of price levels. The LTC/USD pair price went a little up on May 19 and 20, 2023, after a strong correction. But the coin is on a downslide since yesterday, as it started to reverse slowly, and the bearish momentum propelled today’s price slump to $90.94. Currently, LTC/USD is testing $91 support, which might act as a cushion for a bounce upward.
LTC/USD 1-day price chart: Selling pressure is fulsome
The 1-day Litecoin price analysis shows LTC is struggling at $90.94. The price shows a significant deficit, which is quite impactful. During the last few hours, some variations in price have been observed. As the bears are trying to suppress the price further, selling pressure is still there, providing support to the bears. The price is already down by 1.57 percent over the last 24 hours.
The price may fall below the moving average (MA) if selling pressure persists, which will be a further indication of the bearish trend. The volatility is comparatively high, with the upper Bollinger band at the $96 mark representing the resistance, and the lower band at the $76 mark representing the strongest support, making an average of $86 below the price level. The relative strength index (RSI) is in the neutral zone at index 55, showing a downward curve indicating selling activity in the market.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis further authenticates the bearish pressure. The price movement gained pace a few hours ago, but signs of support have also emerged. After a swing low of $89.83, the price has recovered back to $90.94, with bulls recovering a good chunk, but bears are not going anywhere soon, as they have marked today’s trend in their name.
The relative strength index (RSI) shows straight-line movement, which gives an indication of the equalization of selling pressure and buying power. The RSI is at 47, and if it falls, the price will go down with it. The volatility is decreasing, with the upper Bollinger band at the $92.98 mark and the lower band at the $90.71 mark; the average is forming at $91.84, above the price level. The moving average (MA) is at the $91.95 mark, slightly above the SMA 50.
Litecoin price analysis: Conclusion
The daily and hourly Litecoin price analysis report shows that LTC is not yet ready to break below $90. The buyers’ support is present at this level, but the LTC/USD pair may tumble down further if the selling pressure exceeds. A further decline, though not expected, can not be ruled out in the coming hours.
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