Litecoin price analysis is bearish as LTC/USD depreciates to the $77.29 mark after a bearish run. The bears have taken over the price charts once again and have pushed the prices below the $79 mark. The market is currently facing resistance at $79.95, and if the bears continue to exert their pressure, we could see Litecoin prices decline further to support levels of $76.67. The bulls were also seen pushing prices back above the $79 mark, but they are yet to sustain their momentum, as the bulls and bearish are currently battling it out in the markets.
The digital asset has decreased by 0.96% in the last 24 hours, and at the time of writing, Litecoin was trading hands at $77.29. The market capitalization of Litecoin is currently $5.530 billion, and the 24-hour trading volume is recorded to be $662 million.
Litecoin price analysis on the 1-day price chart: LTC/USD is facing resistance at $79.95
Litecoin price analysis on the daily timeframe indicates over the last few hours the price movement has seen dynamic bearish engulfing candlesticks form. This bearish reversal pattern is a sign that the market participants are losing confidence in the bullish trend and are now selling their positions. The stop-loss for this trade would be placed just below the $79.95 level as a breach lower would target the $76.67 level.
The volatility is increasing for LTC/USD as the Bollinger bands are expanding with the upper band placed at $79.94 and the lower band present around the $76.67 level. The Relative Strength Index is currently trading in the oversold region but has not yet reached extreme levels, which suggests that there is still some bearish momentum left in the market. The MACD on the 1-day chart is currently exhibiting a bearish crossover as the signal line is about to cross below the MACD line. This suggests that the bears are currently in control of the market.
Litecoin price analysis on a 4-hour price chart: Recent developments and further technical indications
On the 4-hour chart, we can see that Litecoin price analysis has formed a bearish descending triangle pattern after a bullish run that was quickly countered by the bears. The market is currently testing the lower boundary of the pattern and if prices break below this level, we could see a further decline to support levels of $76.67.
The MACD is also showing some bearish traits as it is trading below the signal line and is currently in the bearish zone. The RSI, however, is trading above the oversold levels and is currently placed at 56.47. The Bollinger bands are moving closer together, which signifies that the market is currently facing low volatility.
Litecoin price analysis conclusion
Litecoin price analysis suggests, that the bulls seem unable to hold an impactful momentum after Litecoin surged to highs of $79.95. The cryptocurrency currently finds itself at a critical point as it is testing the lower boundary of a descending triangle pattern, and a break below this level could lead to further declines in Litecoin price.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-12-01/