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Litecoin price analysis: Bears degrade price to $165, more downtrend ahead?

TL;DR Breakdown

  • Litecoin price analysis shows LTC/USD rejected from $171.
  • Next, support is found at $163.
  • Next, resistance is present at $175.

The Litecoin price analysis is bearish today. The price has reduced significantly as bears gained control of the market. The selling pressure plunged the price from $171 down to $166. The LTC/USD is trading hands at $165.7 at the time of writing.

The last week proved extremely rewarding for the LTC/USD as the bullish momentum was yielding high profits for traders, as the price was rising continuously. Though today LTC/USD price is down by 1.2 percent, LTC is still on a gain of around nine percent over the last seven days. The trading volume is also down by more than nine percent.

LTC/USD 1-day price chart: Price declines as bears takeover

The 1-day price chart for Litecoin price analysis shows selling pressure is present in the market. Today’s downfall has already balanced out the gains of the last two days as the market shows negative sentiment for LTC/USD pair. The next support is present at $163, which may provide support to the declining price.

The volatility is slightly decreasing as the Bollinger bands are on a slight inwards slope, with the upper band at the $190 mark and the lower band at the $134 mark; the average of the Bollinger bands is at the $162 mark below the price level. The indicator still is supportive of the bullish trend of the past days and will show a bearish crossover if the price travels down the mean line of the Bollinger bands.

The relative strength index (RSI) is at the center of the neutral zone at 50 index, but the RSI is on a downwards slope, which indicates a selling activity on the rise in LTC/USD market. The indicator shows a selling activity but is overall neutral and does not show a strong sell signal.

The MACD oscillator indicator is still supporting the bullish side as the histogram is green in color and the price is still above the average of the past few days, but the size of histogram bars has not increased today, as the price failed to climb above $171, if the price maintains above the current level, the MACD will also remain bullish.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour price chart for Litecoin price analysis shows bullish support coming in as the last green candlestick is appearing on the charts. The volatility is decreasing as the Bollinger bands are steeply converging, which will limit the price function in the coming time.

Litecoin price analysis: Bears degrade price to $165, more downtrend ahead? 2

The lower band shows more movement and is traveling upwards, so we can expect the price downfall to slow down. The RSI is also traveling horizontally ahead, which is an indication of rejection of further degradation in coin value.

The Technical indicators chart for Litecoin price analysis is mostly neutral with a slight inclination towards the bearish side as out of a total of 26 technical indicators, nine are on the selling side and eight are on the buying side of the market, thus showing a little support for the bears, whereas nine technical indicators stand neural. The moving averages are also supporting the selling options, but most of the short-term MAs are in favor of buying LTC/USD assets.

Litecoin price analysis: Conclusion

The Litecoin price analysis suggests the LTC price may not go further down, as the buyers’ support seems to be present at the current price level. The short-term technical indications are also in favor of the price going up in the coming days. For today we expect the price to remain in close proximity of $166 with a difference of a few fractions.

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