Litecoin price analysis is going through a loss as the price underwent a decline up to $75.57 today. The downtrend has been quite constant for the last 14 hours, with the price dropping from a high of $77.18 to its current level of $75.74. Earlier today the bulls were in control of the market, as they managed to push the price up over $76 before it finally faced resistance and dropped again.
At this point, LTC/USD is facing strong support at $74.82, which is the low point that it hit earlier today. If this support level holds, we might see a bullish reversal and price rise in the near future. However, if it breaks through this support level, there could be further losses for LTC and a drop below the $73 level.
Litecoin price analysis 1-day price chart: Bears ruling the charts
The bearish momentum has been intensifying according to the one-day Litecoin price analysis. The price has been downgraded to $75.74 as a result of the constant downflow. The past few days have been quite discouraging for the cryptocurrency as a strong bearish trend was going on. Similar trends have been reported during the last 14 hours as well. The price has gone below the moving average (MA) value as well, which is standing at $77.88.
The volatility is increasing, which means that the downswing might last for the next coming hours as well. If we discuss the Bollinger bands Indicator, then its upper value is at $85.73, and the lower one is at the $63.35 position. The Relative Strength Index (RSI) score has been lowered to 29.91 as well.
Litecoin price analysis on a 4-hour price chart: Bearish depression results in collapse below $77.18
The 4-hour Litecoin price analysis is showing signs of bearish momentum as the price decreased quite significantly. The price has been declining consistently as the cryptocurrency is showing a downward tendency. A reduction in price has been recorded in the last four hours as well as the price levels moved down to $75.74. Moving on, the moving average indicator is showing its value at $76.26 at the time of writing.
The volatility has increased because of the bearish slope, and the Bollinger bands are expanding. The upper Bollinger band is standing at $82.14, the lower Bollinger band is at $74.12, and the overall average is being maintained at $75.74. The RSI score dropped drastically to 45.02 as well, quite near the undersold zone.
Litecoin price analysis conclusion
The one-day, as well as the four hours Litecoin price analysis, predicts that a downtrend has been following since last week. The bears are leading the game at the moment, and the price levels have been brought down to $75.74 as a consequence. A Further downfall can be expected as the bears have been dominating for the past few hours as well. The price has been persistently moving down, which means that chances of improvement for the bulls are still on the limited side.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-12-08/