The most recent Litecoin price analysis shows that the cryptocurrency’s bears have completely taken control of the market. As a result, LTC has dropped below the $90.00 mark and is currently trading at around $87.48. This drop was mainly caused by weak buying pressure from ...
In terms of support levels, Litecoin is currently finding immediate support at the $86.83 mark which has been holding as the key support level earlier. On the other hand, resistance levels are spotted around the $91.39 mark. If the bulls manage to push prices above this level, LTC could soon start a bullish rally and move back above $90.00.
Overall, with bears dominating the crypto market and investor sentiment towards the cryptocurrency remaining bearish, Litecoin may continue to decline in the near term before any chance of a trend reversal. Major coins such as Bitcoin, Ethereum, and Ripple are also facing a similar situation. Therefore, investors should be cautious when making any decisions regarding taking new positions in the market.
Litecoin price analysis 1-day chart: LTC loses over 3% as bulls face defeat
The Relative Strength Index (RSI) has also gone down from 50 levels to 44.33 indicating that sellers are gaining control of the market. The MACD indicator indicates bearish momentum as the MACD line drops further to the south in the near term which could see prices dropping even further. The red bars on the histogram are increasing in size which suggests a potential sell-off.
The moving average (MA) line is currently showing bear momentum as well. The MA20 line has dropped below the MA50 and is currently heading toward the south with further negative pressure. This could be an indication that LTC may stay in a bearish trend in the near term before any chance of a reversal.
Litecoin price analysis 4-hour chart: Recent developments and further indications
The MACD indicator is still in the bearish territory as the red bars are increasing in size and gaining more energy which could be an indication that LTC prices may drop further. The RSI has also dipped to 37.96 which could be an indication that the bears still have more energy and are looking to continue pushing prices down in the near term. Moreover, the MA indicator is overwhelmed by the bearish energy as the red candlesticks are seen below the MA20 and MA50 lines.