https://ift.tt/3zRtbMl price analysis: LTC down to $139, as the coin corrects after a bullish streak

TL;DR Breakdown

• Litecoin price analysis is bearish today.
• Resistance for LTC/USD is present at $147.
• Support is present at $148.

The Litecoin price analysis is bearish for today. Bears have brought down the price to the $139 level, disrupting the bullish trend prevailing for the past two days. Traders are entering the market to sell their LTC/USD assets, fearing another price drop as the fear still prevails after the prolonged bearish trend that followed since mid-November last year.

Bears flourished during the last few hours as market pressure increased on LTC, and the bullish trend came to a halt. Though the last two days proved good for the coin, bears successfully took over and reversed the price function, as the bullish momentum was quite strong, so a reversal is also possible if bulls get support again.

LTC/USD 1-day price chart: Short-term price drop hinders bullish momentum

The 1-day price chart for Litecoin price analysis shows bears are pulling the price down and seems successful in their attempts. Price is decreasing gradually as bears continue their lead. The past few hours proved insignificant for the cryptocurrency. The LTC/USD pair traded between the range of $138.3-$142.9 today and is trading hands at $139.5 at the time of writing.

The volatility for LTC is comparatively high, but the Bollinger bands movement shows both ends are slowly converging again with their average line above the price level, which shows resistance for LTC price at $142.7. The Relative strength index (RSI) is in the lower half of the neutral zone at index 44, indicating the selling activity, and the moving average (MA) is at the $133 mark below the price level.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour price chart for Litecoin price analysis shows price has been dropping every hour since the start of today’s trading session, but not at a huge rate. There are chances of a recovery in the price level as well.

The volatility is high as the Bollinger bands continue to expand on the 4-hours chart with the upper Bollinger band at $142 and the lower band at $121, the mean average of Bollinger bands is forming at $132, and the moving average (MA) is hovering below the price level in hourly charts at $136.

The RSI is hovering at index 62 after dropping considerably, indicating a slowing down of selling pressure. As RSI is moving straight, it hints at bears losing their momentum, and bullish elements may appear again.

Litecoin price analysis: Conclusion

From the daily basis and hourly Litecoin price analysis and technical indications suggests a bearish momentum is on the go, but bulls might also reappear as the RSI curve has flattened out after dropping for the past hours. We expect the price may start recovering if the support appears from the bullish side.

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.