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Litecoin price analysis: Bears degrade price to $86.63, more downtrend ahead?

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TL;DR Breakdown

  • Litecoin price analysis shows a downtrend
  • Support for LTC is present at $85.06
  • LTC is down by 5.56 percent in the last 24 hours

Litecoin price analysis for today indicates that the bearish momentum is still strong, and it has taken the price down to $86.63, a decline of 5.56 percent in the last 24 hours. The downtrend has been further supported by the lack of buying pressure in the market, as more traders seem to be exiting their positions. The crypto pair gained significant value during the last few days, managing to mark a higher high, rallying above $97.00 on 3rd April, but has since then been declining. 

Litecoin price analysis 1-day price chart: LTC declines as Bears takeover

The daily Litecoin price analysis shows that the bulls have lost control of the market, and bears are taking over. The market opened today at $87.59 and started dropping immediately, reaching the support line at $85.06 which is an intraday low. The trading session has been bearish so far, with the price showing no signs of recovery. And if bearish persists, it could cause the price to plummet further. 

image 177Litecoin price analysis: Bears degrade price to .63, more downtrend ahead?
LTC/USD on 24-hour price chart, Source: TradingView

The Moving average indicator is showing a bearish bias, as the 100 MA crossed below the 200MA. The MACD line is also below the signal line and entering the negative territory, suggesting that bears are gaining more control over the market. The histogram has further shifted to the negative side, barely reaching the 0.00 mark before shifting back down again. The RSI indicator has already entered deep in the neutral region of 43.50 percent, which is an indication that LTC could be in for more losses going forward. 

Litecoin price analysis: Recent developments and further technical indications

The 4-hour Litecoin price analysis shows the selling pressure kicked in at the start of the trading session, and the price declined to $85.06 during the first four hours. But after that,  the bulls managed to bring the price back up again, reaching $87.20 at the peak of the session. The trading volume also increased significantly during this time, reaching a high of $822 million, while the market capitalization declined to $6.33 billion. 

image 178Litecoin price analysis: Bears degrade price to .63, more downtrend ahead?
LTC/USD on 4-hour price chart, Source: TradingView

The hourly chart also shows a bearish trend, with the price declining below the moving averages. The four-hour moving average indicator is currently $88.53, which is above the current price of $86.63, suggesting more decline in the price going forward. The moving average convergence divergence (MACD) is also in the bearish zone, with the signal line and the MACD line below 0. The RSI indicator is hovering around the 30 level, indicating a strong bearish momentum in the market. 

Litecoin price analysis conclusion

Overall, the Litecoin price analysis shows that LTC is in a downtrend, and bears are still dominant. If the bearish momentum persists, then it could cause the price to decline further. The technical indicators are also pointing in the same direction, showing a bearish bias in the market. The next support level for LTC is at $85.06, and if that fails to hold, then the price could drop even further.

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.

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