Litecoin price analysis confirms a decreasing trend for cryptocurrency today as the coin value has decreased tremendously. Some corrections were recorded in the past few days, but the level has stayed below $68.08 since then. The week started on the bullish side, but later the price moved below the $68.08 resistance level. This was a major bearish signal as traders started selling their crypto assets. Today, the market has opened with bearish sentiment as the price is currently trading at $66.20, which is significantly lower than yesterday’s high of $68.08.
The resistance is present at $68.08, and if the price manages to break this level then it could move further up. The support is still present at $65.93, and if the price fails to break the resistance then it could drop further down.
LTC/USD 1-day price chart: Litecoin losses 2.43 percent as it nears the $65.93 support level
The one-day Litecoin price analysis confirms a strong bearish trend for today as the coin value has undergone a considerable decrease meant. The effort from the buyers to push the coin value above $68.08 has been unsuccessful and now the price is trading near the $65.93 support level. The bearish trend might be extended if the buyers fail to break the resistance level.
The MACD indicator also confirms a bearish trend and it is likely to remain this way for some time in the near future. The RSI is also in the bearish zone and if the buyers fail to break the resistance level then the price might move further down. The moving average (MA) indicates a bearish crossover, which increases the chances of a further price drop.
Litecoin price analysis 4-hour price chart: Bears take control as the LTC/USD pair trades at $66.20
The Litecoin price analysis for a 4-hour time frame confirms a strong bearish trend for the coin. The price has been trading in a narrow range between $65.95 and $68.08, with the buyers failing to break the resistance level. The decrease might be extended if the sellers manage to break the support level and push the coin value further down.
The bearish trend has been further strengthened by the emergence of a bearish crossover in the MACD indicator. The RSI is also in the bearish zone, indicating that more selling pressure might be seen in the near future. The MA also indicates a bearish crossover, which further confirms a bearish sentiment in the market.
Litecoin price analysis conclusion
It can be deferred that the situation is clearing up for the bears as the Litecoin price analysis has been pushed down to the $66.20 limit. The downgrade has impacted the coin price negatively as more sellers are reaching the market now as compared to buyers. But, if the support level remains secure at $65.93, bullish momentum can be revived as well.
Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-12-29/