- Litecoin price analysis is bearish today.
- Price underwent a significant decrease.
- Support is present at $148.
The Litecoin price analysis is bearish for today. Bears have brought down the price to $161, canceling out yesterday’s gain in value. Traders are entering the market to sell their LTC/USD assets, fearing another price drop.
Bears flourished during the last few hours as selling pressure increased in the market, and the bullish trend came to a halt. Though the last two days proved good for the coin, bears successfully took over and reversed the price function, and indications are there for a further decrease in price. The price trendline is downwards from the last week.
LTC/USD 1-day price chart: Traders fear a short-term price drop
The 1-day price chart for Litecoin price analysis shows bears are pulling the price down and seems successful in their attempts. Price is decreasing gradually as bears continue their lead. The past few hours proved insignificant for the cryptocurrency. The LTC/USD pair traded between the range of $164-$161 today and is trading hands at $161 at the time of writing.
The volatility for LTC is comparatively high, and the Bollinger bands movement shows both ends on a downslope with their average line above the price level, which shows price might go down in the coming time. The Relative strength index (RSI) is in the lower half of the neutral zone at 42 index, and the moving average is at $168 above the price level.
The MACD indicator is reddish in color, presenting a bearish trend, but the histograms’ light red color shows not a very intense bearish trend but a clear indication of active selling activity happening at the time.
Litecoin price analysis: $-hour chart shows a price drop and technical indications
The 4-hour price chart for Litecoin price analysis shows price is dropping every hour, but not at a huge rate. There are chances of a sharp price drop as well in the coming hours.
The volatility is mild, but continuos on the 4-hours chart with the upper Bollinger band at $166 and the lower band at $150, the mean average of Bollinger bands is forming at $158, and the moving average (MA) is hovering below the price level in hourly charts at $160. The MACD histogram shows a light green color in the 4-hour chart but is not of utmost importance.
The RSI has risen a bit in the current hours but not effectively and is hovering at 46 index, indicating slowing down of selling pressure but on a limited scale. As RSI is moving straight, if it goes up, the price may also see an improvement, but if RSI crashes, the price will also observe a severe loss.
The technical indicators for LTC/USD pair are well inclined towards the selling option, as the moving averages MA10, MA20, and MA30, even MA50, are all supporting selling option.
The exponential moving averages EMA10, EMA20, and EMA30, are all also standing in support of the selling option. The oscillators are also inclined towards the selling option, but many stand neutral. The important ones like MACD and Momentum oscillators are in support of the selling of assets. Thus we have a total of 14 technical indications favoring bears and only two in favor of bulls, while 10 indications are neutral, supporting neither bulls nor bears.
Litecoin price analysis: Conclusion
From the daily basis and hourly Litecoin price analysis and technical indications, suggests a bearish momentum is on the go, and as most of the technical indications are again bullish activity, so a drop in price is expected. IF MACD turned dark red and RSI went down towards the undersold level, then LTC/USD might go spectacularly down below the $150 level.
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