Litecoin price analysis confirms a bearish trend for the day as the price experienced a major drop in the past 24 hours. The bearish momentum is growing after a consistent defeat as a bullish wave was occupying the market earlier. Currently, the bears are on top as the price moved down to $68.54 during the day. The bulls have thus remained unsuccessful in crossing their $72.61 target for the day.
The LTC/USD has decreased by 2.07% in the past 24 hours, with a market cap of $4.90 billion, and a trading volume of $1.400 billion.
LTC/USD 1-day price chart: Coin value degrades up to $68.54 after bearish flow
The one-day Litecoin price analysis predicts a downward market trend for the day as the cryptocurrency faced a considerable loss. Today, the bears made a successful return after a constant bullish wave dominated the market in the past week. Today, the cryptocurrency value moved down to $68.54 due to the declining trend that emerged. However, it is still quite high compared to its moving average (MA) value, i.e., $136.48.
The Bollinger bands are expanding as the volatility is increasing, and the upper extreme shows a $69.71 value, whereas the lower extreme displays a $62.45 value. At the same time, the Bollinger bands are currently making an average of $68.50. The Relative Strength Index (RSI) index has dropped down to 64.73 because of the fall in price.
Litecoin price analysis: Price steps down to $68.54 as bears secure lead
The hourly Litecoin price analysis favors the sellers, as a downward price movement was observed in the past few hours. The price curve took an unexpected bearish turn during the past four hours because of heavy selling pressure. This is why the LTC/USD value has been lowered to $68.54, and further downflow is expected soon. According to the hourly price chart, the moving average value settles at $69.57.
The bulls have been traveling high during the past few weeks, but the trends underwent a major shift in the past four hours. The upper Bollinger band value has been lowered to $71.37, whereas the lower Bollinger band value has moved up to $67.38. The RSI index descended to 64.33 because of the overwhelming bearish pressure.
Litecoin price analysis conclusion
The one-day and four-hour Litecoin price analysis shows a bearish trend as the bears have managed to make a strong comeback. Although a bullish stream was following the market earlier, today, the price leveled down to $68.54. Further decline in LTC/USD value seems near during the next few hours as well according to the four-hour price chart.
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.
Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-11-07/