The Litecoin price analysis is bearish today as the LTC price is following a downwards trend again. The coin has marked a lower low at $50.1 as the bearish trend has been gaining strength since yesterday. LTC/USD has been on a downtrend after the price last peaked at $58.7 on 25 June 2022. However, the coin was following an uptrend prior to this. Overall the coin price has been sliding down after 15 November 2021 as the major bearish trend is eminent on the price chart, and the crypto pair hasn’t been able to break out of the bearish cycle.
LTC/USD 1-day price chart: LTC follows the downward trend
The 1-day price chart for Litecoin price analysis shows the price has decreased further after yesterday’s plunge. The LTC/USD pair is trading hands at $50.1 at the time of writing. The cryptocurrency has lost around 1.65 percent value during the last 24 hours and also reports a loss of 9.31 percent over the course of the last seven days. LTC/USD trading volume has decreased by more than 29.9 percent, and the market cap has decreased by 1.48 percent.
The volatility has been mild as the Bollinger bands converged till 29 June 2022 and now trade at a specific distance, with the upper Bollinger band value at $59.9 representing the resistance and the lower Bollinger band value at $43.6 representing the support for LTC price. The moving average (MA) is trading above the price at the $54 level, while the SMA 20 curve still trades above the SMA 50 curve. The Relative Strength Index (RSI) score is going down as well because of the increase in selling activity and is present at index 40 in the lower half of the neutral zone.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis shows the price breakout was downwards following yesterday’s bearish lead. The price action has been downwards for most of the time today; however, bulls tried to uplift the price late at night but could not succeed. Recently bulls have made another attempt and are striving to make a comeback as a green candlestick appears on the hourly chart.
The volatility is high on the 4-hour chart is high as the Bollinger bands are expanding with the lower band diverting more, which is a worrisome sign for the cryptocurrency as the price is already in the lower price envelope, and more downtrends may be coming ahead. The lower limit of the indicator is at the $49 mark representing support for the LTC price. The moving average is also following a down track, and it is trading at the $50.6 level. The RSI score is slowly moving upwards as the bulls are trying to support the price function, and the price has been on an increasing trend for the past four hours, but the price function is still under pressure.
Litecoin price analysis conclusion
The Litecoin price analysis is bearish as the price has decreased today, but as the price has been increasing during the last four hours, the damage made today can be controlled to an extent. Further recovery is also expected but only on an hourly basis, as the major trend has been bearish and is expected to remain bearish in the coming days; there is also a possibility of the coin price going below $50 in the coming hours.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-07-02/