Litecoin price analysis shows that the cryptocurrency has been experiencing a downtrend over the past 24 hours. The market opened the week trading in bullish territory, with LTC prices hitting a high of $79.18 on the week. However, as the market began to show signs of weakness, there was a sharp decline in price that led to LTC dropping down to below $67.68.
While it seems like Litecoin is facing some tough times in the current bearish market, there is still some hope for the cryptocurrency. First, support for LTC prices is present at $67.46, which means it will be difficult for the price to fall further. Furthermore, The LTC/USD has lost more than 8.23% of its value in the last 24 hours, which is indicative of a possible price reversal.
LTC/USD 1-day price chart: bearish strike deflated the price to the $67.68 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 of up to $67.68. Although the bulls were able to sustain their lead on previous days, the bears were able to hold their ground and at the end of the day, we saw a bearish momentum.
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 $81.76 position, whereas the lower Bollinger band is at $70.87. The Relative Strength Index (RSI) has taken a turn downwards and is on a steep downslope at an index of 57.11 because of the downtrend. Meanwhile, the moving average convergence divergence (MACD) curve shows a parallel move against the neutral zone, also reminiscent of the sideways trend in price.
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 $67.68 level. The price might move towards a new low, and the bearish momentum seems to be intensifying every hour.
The RSI index is also pointing downward and has crossed the overbought level of 50 at RSI 36.44. However, there are some positive technical indicators as well that signal that a reversal might be in the cards for Litecoin. For instance, the MACD line has crossed into negative territory and suggests that we can expect a bullish momentum in the near future. The Bollinger bands are also narrowing, which indicates that volatility is contracting and we could see a price reversal in the coming days.
Litecoin price analysis conclusion
A downturn in Litecoin price analysis 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 $67.68 level after the sudden trend reversal, But the bullish might be just around the corner, as there are several positive technical indicators that suggest that a price reversal is on the horizon.
Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-12-16/