https://ift.tt/jkNTJKh price analysis: LTC loses $112 upside cap, could retest to as low as $85

TL;DR Breakdown

• Litecoin price shipped as low as $92.61 over the last 24 hours
• Price trading near the January-end low of $101.9
• Bearish sentiment currently rules a volatile market for LTC

Litecoin price analysis is significantly bearish today, as price continued to lower and touched its 52-week low of $92.61 over the day’s trade. The bearish sentiment currently rules the larger cryptocurrency market owing to a war breakout between Russia and Ukraine, and for Litecoin the current trend could take price towards the $85 support region. The 24-hour trading volume rose by a significant 127 percent with price declining more than 2 percent, showing bearish conditions pertinent for LTC. Current support zone exists in a wide range above $85 to $101, while the upside cap is at $112 to $117.

The larger cryptocurrency market showed a largely positive display during the day’s trade, as Bitcoin launched more than 5 percent to move within range of the $39,000 mark. Ethereum followed suit with a 4 percent increment to take price above $2,600, whereas Altcoins also showed upturns. Cardano and Ripple rose 2 percent each to sit at $0.86 and $0.70, respectively. Dogecoin dropped slightly to $0.12, while Terra and Solana rose 17 and 9 percent, respectively.

Litecoin price analysis: Low market valuation on 24-hour chart shows bearish market sentiment

On the 24-hour candlestick chart for Litecoin price analysis, price can be seen significantly lowering over the past 24 hours towards the 52-week low of $92.61. The crucial 25-day exponential moving average (EMA) at $110.2 was left behind in the process which also sits as the current upside cap after the significant price decline. The real cause of concern for LTC bulls may be the 24-hour relative strength index, that indicates a lowly market valuation for the token at 37.68 which continues to drop.

Coupled with increasing trading volume of 127 percent, it signifies the market stagnancy for LTC. Similarly, the moving average convergence divergence (MACD) sits below its neutral zone, displaying bearish highs to complete a highly bearish outlook for Litecoin.

Over the next 24 hours, the expectation is the LTC will test the lower support zone between $85 and $101, after losing the $112 support zone during the day. This is where buyers will be expected to come into the market to help stabilise the decline and form an uptrend.

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