Litecoin price analysis: LTC extends bearish action with low of $70 in line

TL;DR Breakdown

• Litecoin price dipped a massive 15 percent over the past 24 hours
• Critical resistance point of $130 rejected upwards momentum yesterday
• LTC could drop as low as $70 if bearish action continues

Litecoin price analysis for the day shows sellers in dominant control of the token, with price receding more than 15 percent over the past 24 hours. Litecoin attempted to breach the $130 critical resistance yesterday but faced rejection which propelled sell offs into action. Over the day’s price action, buyers attempted to gain control of the market by aiming to close price above the Tenkan and Kijun-Sen points, but failed to do so with LTC ultimately facing sell offs. On a larger outlook, price has been facing a drop since the monthly high of $153.45 was achieved at the new year’s day. LTC currently trades below the crucial 9 and 21-day moving averages and faces a further dip towards $70.

The larger cryptocurrency market posed massive declines on the day, as Bitcoin sold off down to $35,000 with a 10 percent drop. Ethereum also dropped significantly down to $2,400, declining over 15 percent. Altcoins also posed similar outlooks, with Cardano dropping to $1 with a 16 percent drop, Solana receding 20 percent and Ripple 15 percent to sit at $96.84 and $0.58, respectively.

LTC/USD 24-hour chart: Litecoin faces huge crash with $70 in sight

The 24-hour candlestick chart for Litecoin price analysis shows price receding massively to go as low as $99.76. LTC now faces a huge test to avoid further losses, as the larger crypto market crashes. Price sits well away from the exponential moving average (EMA) at $128.2 and sits below the bottom half of the Bollinger bands curves, suggesting an upturn is well away from current trend. The relative strength index (RSI) shows a value of 28.66, indicating very low market valuation with trading volume rising 87 percent during the day to show the extent of sell offs.

LTC/USD 4-hour chart: Low RSI indicates further decline over coming trade

According to the 4-hour analysis for the LTC/USD trade pair, price is set to decline further over the coming short term trade, as suggested by the RSI value of 21.71. Price currently sits at $104.09 with potential sell offs on the horizon over the upcoming short term trade. Over the upcoming short term trade, price is expected to dip below the $100 mark towards the newfound resistance at $96.51.

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