The Litecoin price analysis reveals the price is on the increasing side once again as the bulls made a comeback today. The bears had been at the upper position during the last week by winning successively. But now, the trends are shifting as the price has covered an upward movement at the start of the day. The price has been slightly increased to the $67.9 level because of the bullish attempt. However, the price has started to correct again at the moment, and a further increase or downfall can be expected as the market is showing mixed sentiment towards LTC.
LTC/USD 1-day price chart: LTC to survive the recent bearish setback
The Litecoin price analysis is showing signs of bullish activity as the price underwent a slight increment today. The chances are also increasing for the bears to survive and take a price even lower than its current level, i.e., $67.9, as the correction has also started again. The bears had been winning consistently during the past week, but today’s trend is still in the bulls’ favor. The moving average (MA) value is standing higher than the price level as it is at $78.6 in the one-day price chart.
The volatility has been on the increasing side, which is why the Bollinger bands average is now at $90.66. The upper value of the Bollinger bands Indicator is now settled at the $118 position, while its lower value is at the $62.8 position representing the support for LTC price. The Relative Strength Index (RSI) score is balancing itself at index 28 at present as it shows a horizontal movement.
Litecoin price analysis: Recent developments and further technical indications
The four hours Litecoin price analysis predicts that a drop in price has occurred during the past couple of hours. The bullish slide has been interrupted by bears as the price levels have moved down to the $67.8 value, as the bears diverted the bullish price action. At the same time, the moving average value is now standing above the price, i.e., at the $68.8 position.
The Bollinger bands average has moved down to $68.7 as well as a consequence of the decreasing volatility on the 4-hour chart. Whereas the other values are as such; the upper Bollinger band is at $79.4, representing the strongest resistance, whereas the lower band is at $58.1, representing the strongest support for coin price. The RSI score has decreased to index 40 as well because of the recent downtrend.
The technical indicators for LTC/USD are going bearish as the price has been relatively in a better position on the whole. There are only four indicators standing on the buying position, with seven indicators on the neutral and a majority of 15 indicators on the selling positions.
Litecoin price analysis: Conclusion
As per today’s Litecoin price analysis, the price is still trading in the greens even after the bears took charge of the market today. The uptrend has not been reversed completely; even after the price has undergone a decline up to $67. Further loss can be expected as the hourly price chart is also displaying favorable results for the bears.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-05-14/