Litecoin price analysis: LTC rejects $112 as correction looms

TL;DR Breakdown

• Litecoin price analysis shows litecoin is struggling to maintain price levels.
• Support for LTC is present at $107.
• Resistance for LTC is present at $112.

The Litecoin price analysis for today is bearish. The LTC/USD rallied high yesterday when the price surged from $106 to $111.3 in a swift move, gaining significant value. Today LTC is correcting again, and the price has decreased to $110.3 at the time of writing. After getting resistance at $111.3, LTC is correcting again as bears have taken control over the price function. Last week proved rewarding for the LTC/USD pair as the short-term price trend line is upwards, and the coin gained more than five percent value over the past week.

LTC/USD 1-day price chart: LTC breaks below $111

The 24 hours Litecoin price analysis shows a decline in price today after three continuous days of bulls rally. Price is decreasing gradually as bears get hold of the market. The past few hours proved insignificant for the cryptocurrency. The LTC/USD pair is trading hands at $110.2 at the time of writing. Selling pressure is also increasing as traders book profits from the start of the trading session.

The volatility for LTC is comparatively high, and the Bollinger bands movement shows both ends are slowly diverging again with their average line below the price level, which shows support for LTC price at $106. The Relative strength index (RSI) is in the upper half of the neutral zone at index 51, indicating the selling activity, and the moving average (MA) is at the $106.1 mark, also below the price level.

LTC/USD 4-hours analysis: Recent developments and further technical indications

The 4-hour Litecoin price analysis shows bears are in reign from the start of the day without any interference from the buyers’ side, as a red candlestick is indicating a decline in the price level. Earlier bulls showed good performance and dominated the price charts for 20 hours continuously, but now the selling pressure has reversed the trend.

The volatility is on the increasing side. The Bollinger bands’ values are as follows; the upper band is at the $11.3 mark, and the lower band is at the $100 mark. Bollinger bands are making an average at the $105 mark below the price level. The relative strength index (RSI) has also started to travel lower and is hovering at index 62 though still in bullish range.

Litecoin price analysis: Conclusion

The 1-day and 4-hours Litecoin price analysis is indicating bearish signs for the cryptocurrency as overall, the crypto market is bearish today so is LTC price action. Traders are booking profits, who purchased the LTC asset before the bulls rally, and we expect LTC to continue correcting for a few hours more.

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