Selling pressure sets LTC prices nose dive to $106.53
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TL;DR Breakdown
- Litecoin price analysis is bearish
- Litecoin prices have seen major support at $106
- Litecoin is likely to drop to $100 in the near term
The recent Litecoin price analysis shows a prevailing downtrend in prices that has been witnessed in the last 24 hours. The selling pressure has seen the price of LTC crash to the $106.53 level, where it currently trades. Litecoin is likely to see a further dip in prices as support at the $106 level is breached.
As seen on the price movement in the Coinmarketcap, prices have followed a descending channel, with prices trading between $105.70 and 112.84. Prices have seen a bearish breakout at the $106 level, which is likely to act as immediate support for prices in the near term. The trading volume has seen a sharp increase, which is an indication of the high selling pressure, which currently totals $755,964,800.52 while the coin ranks in position 21 overall.
Litecoin price analysis on a 1-day price chart: Bears continue to push prices down
The Litecoin price analysis on the 1-Day chart shows that the downtrend is still very much intact. Bears have heightened their selling pressure as prices have broken down from the descending channel to head towards the $100 level. The RSI indicator is currently oversold, which is a sign that prices may see some slight relief soon.
The MA 50 and MA 200 are both trending downwards, which is an indication of the bearish momentum in prices. The MACD indicator is currently bearish with both the moving averages and the signal line sloping downward. This is an indication that selling pressure continues to increase in the market as we await a possible bullish breakout.
Litecoin price analysis on a 4-hour price chart: LTC prices set to hit $100
The Litecoin price analysis on the 4-hour chart shows that prices have been following a descending channel since August 19. The recent bearish breakdown from this channel is likely to see prices head towards the $100 level in the near term. The RSI indicator is currently oversold, which is a sign that some relief may be on the cards soon.
The MACD indicator is currently bearish with both the moving averages and the signal line sloping downward. This is an indication that selling pressure continues to increase in the market as we await a possible bullish breakout. The market volatility for LTC prices is increasing as indicated by the Bollinger bands which are starting to widen.
Litecoin price analysis conclusion
The Litecoin price analysis shows that prices are currently in a downtrend as selling pressure continues to increase. The bears are still in control as we expect the prices to nosedive further to the $100 level. Volatility is currently on the rise as indicated by the Bollinger bands, which are starting to widen.LTC/USD prices are facing the strongest resistance at the $107 level. Bulls are expected to come out to defend the key $100 level as this marks a very important support area for the coin.
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