The Litecoin price analysis shows a bearish market as the coin dropped to $90.34 in early trading today. The crypto’s price has dropped significantly since then and is currently facing strong resistance at the $96.95 level.
The bearish outlook for Litecoin is evidenced by its weak daily chart, which shows several candles closing below their opening prices in recent days. This indicates that buyers have been actively selling the cryptocurrency, pushing its market price down.
The previous day the market spiked high at $96.95, but the price action failed to keep an uptrend and ended up closing at $90.34. This could be interpreted as a sign that buyers were not willing to buy at the higher prices and decided to take profits instead.
Cryptocurrency price heat map, Source: Coin360
Most cryptocurrencies are in a downtrend and Litecoin is no exception. The top coins are all declining in value, leading to a decrease in the overall crypto market capitalization. The Bitcoin and Ethereum prices are also in a bearish phase, with their prices dropping significantly from their recent highs.
Litecoin price analysis 24-hour chart: LTC/USD facing resistance at the $96.95 level
The daily chart for Litecoin analysis shows that it is still in a downtrend, with the coin currently trading below the $96.95 resistance level. At the time of writing, Litecoin is trading at $91.82 with a decrease of 6.89% in the last 24 hours. LTC/USD has a market capitalization of $6.52 billion, making it the world’s 13th-largest digital asset by market cap.
LTC/USD 1-day price chart. Source: TradingView
The 50-SMA and 200-SMA on the 4-hour chart are pointing upwards, suggesting that the price might find support at the $89.50 level in the short term. The MACD is also bearish, signaling a continuation of the bearish trend. The RSI is around 40, which is an indication of a possible reversal in the near future.
Litecoin price analysis 4-hour price chart: LTC /USD trading below the $90 level
Looking at the 4-hour chart, Litecoin price analysis is bearish in nature and suggests that the coin will continue to decline in value. The support at $89.50 should be monitored closely as buyers may attempt to defend this level from further losses; however, if it fails then LTC/USD could drop much lower than the current price. In the event of a break below the $90 level, Litecoin could find itself in an even more bearish position as it could then test the next support at $84.
LTC/USD 4-hour price chart. Source: TradingView
The Smooth moving average( MA) on the 4-hour chart is also bearish, indicating that further losses are likely. Currently, the SMA is at $92.24, which is slightly above the current market price. The Relative Strength Index (RSI) is at 61.99, signaling that the coin may be oversold and a reversal could be imminent. The MACD is also declining, indicating that the bearish trend is likely to continue, As the MACD line (blue) is below the signal line (orange), signaling a bearish move.
Litecoin price analysis conclusion
Overall, Litecoin continues to face strong headwinds and its future direction is uncertain. Traders need to be extra cautious when trading LTC/USD and should look for signs of a possible reversal or consolidation before entering into any trades. It is also important to keep a close eye on the support levels at $89.50 as these could be key price points for Litecoin in the coming days.
