TL;DR Breakdown
- LTC price dropped down to $108.26.
- Litecoin price analysis shows downtrend.
- Support is still firm at $104.09.
The most recent Litecoin price analysis predicts a strong bearish trend for the market, as the selling pressure is continually heightened. The past few weeks have seen a constant drop in price at several points, and the coin value reached new low points. Today, the bears remained at the top once again, as a gradual decline in price took it to the $108.3 level. Further decrease in LTC/USD value can be expected next week.
LTC/USD 1-day price chart: Declining trend results in striking drop down to $108
The one-day Litecoin price analysis gives a negative hint regarding the current price trends. The price has dropped exceedingly in the past two weeks, and it experienced a massive fall in the last 24-hours as well. Currently, the LTC/USD value is standing at $108.26, and further degradation is possible if the selling activity intensifies. The price is now relatively lower than its moving average (MA) value, i.e., $123.54.
The volatility in the one-day price chart is seemingly expanding, which is yet another bearish hint regarding future market events. If we discuss the Bollinger bands Indicators, its upper value is currently $157.48, whereas its lower value is $104.09. The Relative Strength Index (RSI) score is entering the under-bought zone now as it is now standing at 30.81, to be exact.
Litecoin price analysis: Bulls strive for recovery as price enhances to $107.97
The hourly price prediction for LTC/USD is going towards the bullish side, as the market underwent a slight recovery in the preceding hours. This is an encouraging signal for the buyers, as the price had undergone a sudden bearish breakdown earlier. Now the bulls are back on track as the price increased to $107.97 level in the last four hours. It is now higher than its moving average value, which is standing at $106.54.
The volatility is constricting, which means that further improvement in coin value will follow soon. The upper band of the Bollinger Bands Indicator is now at the $112.13 end, whereas its lower band is at the $102.21 end. The RSI score is in a quiet neutral zone, and the curve shows 42.18 as the current score.
The technical indicators chart for LTC/USD gives a bearish hint regarding the recent price trends. The market remained under the bearish shadow for quite a while, and this week the bears remained at the upper position as well. We can see that 15 indicators are still on the selling point, eight are neutral, and only three are on the buying point.
The Moving Averages Indicator is also giving out a strong bearish signal for the market. There are 13 indicators present on the selling end, while one indicator is found on the neutral and buying positions. The Oscillators are going neutral for the day as seven oscillators are in the neutral position, while two oscillators are in the selling and buying positions.
Litecoin price analysis conclusion
The one-day and four-hour Litecoin price analysis shows a bearish inclination for the day. The price underwent a swift decline in the last 24-hours, as the value dropped to $108.26 extreme. On the other hand, the hourly prediction shows a slight improvement in LTC/USD market value as more buying momentum is hitting the market.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2021-01-25/