The Litecoin price analysis reveals the cryptocurrency is facing loss once again as a heavy sell-off has been observed today. The price improved significantly the previous day, but today a major decline in price has been reported. Though a bullish interval was also observed in the day, and opportunities appeared for the upside, the bears returned more aggressively and pushed the price down to $54.85 as a consequence of the downtrend.
LTC/USD 1-day price chart: Bearish strike deflated the price to $53.54 level
The 1-day Litecoin price analysis is showing a downtrend for the price function once again. The bears have managed to secure a win in the last 24 hours as the price has undergone a reduction up to $53.54 losing more than 1.40 percent during the last 24 hours. Although the bulls were able to sustain their lead in the past few days, today’s trend has been strongly on the bearish side yet again. The recent defeat has marked the price below the moving average (MA) level, i.e., $53.70 as well.
The short-term trending line was upward as bulls dominated for the past few days, but today a turn in trends has been observed. The volatility is low as the upper Bollinger band has moved to the $54.85 position, whereas the lower Bollinger band is at $53.12. The Relative Strength Index (RSI) has taken a turn downwards and is on a steep downslope at index 45.68 because of the downtrend.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis confirms that a bearish trend has been at its peak. The bears have maintained their lead quite efficiently by bringing the price down to the $53.54 level. The price might move towards a new low, and the bearish momentum seems to be intensifying every hour. The moving average is still quite high and is settled at the $54.03 position for now.
The volatility is high, which is why the Bollinger bands average is now at $54.37. Whereas the upper Bollinger band value has now reached $54.86, and the lower Bollinger band value is now at $53.14, just below the price. The RSI score has dropped because of the bearish trend as well and has moved down to index 51.03, indicating the selling activity.
Litecoin price analysis conclusion
A downturn in LTC/USD price has been observed in the last 24 hours, as the bears have been regaining strength resulting in a heavy sell-off. The price has been pulled down to the $53.54 level after the sudden trend reversal. The crypto pair also went under devaluation during the last four hours as well, which means that a further downfall may be ahead. If the downtrend continues, LTC may retest the next support present at the $53.12 level.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-10-07/