Litecoin price analysis for today shows that the bearish trend is still in charge, as the cryptocurrency has been trading below the $84.00 level over the past few days. As of writing, Litecoin’s price is at $82.84, which marks a 0.72% decline from its 24-hour high of $84.76 earlier today.
The outlook for LTC remains to be bearish as it continues to approach the key support at $82.11. If this support can hold, then LTC could remain in its current consolidation phase over the next few days. On the other hand, The bulls will need to push the price above $84.00 in order to break its bearish trend.
LTC/USD 1-day price chart: Price takes a backward flight as bears reclaim the lead
The 24-hour Litecoin price analysis shows that the cryptocurrency has been facing a loss for the past few hours. The price took an unexpected downturn today, degrading the cryptocurrency value down to $82.84. Although the bullish trend was present in today’s market and pushed the price up to its day’s high of $84.76, However, the bears dominated and caused the Litecoin price to take a backward flight.
The volatility has undergone a considerable decrease during the day, which is why the Bollinger bands average is now maintained at $92.29. In contrast, the upper value of the Bollinger bands indicator is now standing at $101.82 point, whereas the lower value is at $82.76 point. The Relative Strength Index (RSI) score has stepped down to 32.83 as well. The price might go lower than the moving average (MA) level at $88.99 if the declining trend continues.
Litecoin price analysis: LTC shows a downward tendency after losing stability above $84.00
The Litecoin price analysis for today shows that the price has covered downward movement in the last few hours as well as the bearish momentum has been trending over the market. The drop in price was quite unanticipated as the price was advancing rapidly. Still, a decline in price has been recorded in the last four hours, and the bears have succeeded in taking the price down to the $82.84 limit.
The price is still above the moving average value, which is standing at the $83.47 mark. The Bollinger Bands are also slightly sticking up. The upper value is currently standing at the $89.31 level, whereas the lower value is hovering around the $81.29 level. The RSI score of Litecoin has also declined and is now standing at 28.54 points.
Litecoin price analysis conclusion
The Litecoin price analysis suggests a bearish trend has been observed in some of the hours today day, as also some of the bullish momentum was observed, but the bears have taken back the lead. The cryptocurrency is currently trading around the $82.84 point and has been unable to break above the $84.00 resistance level yet. If this support line at $82.11 can hold, then LTC might remain in its current consolidation phase over the next few days.
Source: https://www.cryptopolitan.com/litecoin-price-analysis-2023-03-09/