Litecoin price analysis: LTC Price stuck at $129, showing a bearish inclination
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TL;DR Breakdown
- Litecoin price analysis is bearish today.
- Support for LTC/USD is present at $125.8.
- Resistance for LTC is found at $131.8.
The Litecoin price analysis reveals the price function is oscillating around the $129 range, unable to break above. Bears rejected upside at $130 when bulls tried to take the lead late at night at the start of the trading session, and as a consequence, the price function is again on the declining route for the last eight hours. As the overall market is also bearish, a further decrease in price value is also expected in the coming hours.
LTC/USD 1-day price chart: Price undergoes sudden drop at $130 edge
The one-day Litecoin price analysis is displaying favorable results for the sellers, as a slight drop in LTC/USD market value is being detected. The bullish momentum was just gaining its stability as the bulls were trying to retain their lead. But the bullish trend is now being hit by an opposing attack by the bears, as the price has undergone a sudden decline by getting reduced to $129.3. The moving average (MA) value is still standing at $139.
Overall, the bears have been leading the market for the past few weeks, and now their position has been restored again. The Bollinger Bands Indicator is showing a change of values as well, as now the upper band is touching the $167 mark due to the increase in volatility and the lower band is at the $127 mark representing support for LTC. The Relative Strength Index (RSI) score is in the neutral zone, i.e., 44.98.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis shows the price has been decreasing for the past few hours after the bullish recovery observed earlier during the night. The market received a bearish shock, as the selling activity is on the rise again as the last four hours yet again proved to be in favor of the bears, as a decrease in coin value is taking place. The price is now touching the $129.3 level, which is even lower than its moving average value, i.e., $130.8.
The decrease in volatility suggests that the approaching hours might bring a negative impact on the coin value. The upper and lower Bollinger bands have thus repositioned as well, as now the upper band is standing at the $137 mark, whereas the lower band is at the $127 mark. The RSI curve has again descended to index 38 in the past few hours.
Litecoin price analysis: Conclusion
The Litecoin price analysis shows the bullish recovery is slowly turning into negative as bears are struggling for the lead again. The overall trend is bearish, and LTC might continue downside in the approaching hours. On the other hand, the only hopeful sign is the support present at the current price level of $129 seems plenty strong at the moment, and if this support persists, then the LTC price can be expected to float near the current level.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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