TL;DR Breakdown
- Litecoin price analysis shows litecoin is struggling to maintain price levels.
- Support for LTC is present at $100.
- Resistance is present at $107.8.
The latest Litecoin price analysis shows the trading session started with bullish spirit today but later on got rejected from the further upside at $107.8 level, and the price has been tumbling down for the last few hours. The bullish trend seems to be turning into bearish as bears are at the lead at the moment and defining the price action.
The bearish drift has caused quite a damage to the price value as the price has returned back to $105, and the price may decrease further if the selling pressure continues. On the contrary, support is present at $104.6, followed by another support at $100.
LTC/USD 1-day price chart: LTC price degrades up to $105 after rejection
The daily Litecoin price analysis shows a bullish inclination as despite the price decreasing currently, the price level is still trading in greens. As the price is still higher than yesterday’s price cap, earlier, an upward wave dominated the market as the bulls were at the lead, but now they are facing strong resistance from the bearish side, and the coin’s gain in value has decreased back to only 0.58 percent if observed over the last 24 hours.
On the other hand, there are still chances for the price trends to once again change in favor of the buyers. The coin value has been decreased up to the $105 mark at the time of writing. The price is still at a higher point than its moving average (MA) value which is at $102.8.
The volatility for LTC has decreased as the Bollinger bands converged till 10th February, with the upper limit of the volatility indicator at $114, representing resistance for the coin’s price function, and the lower band is at the $97.3 mark, representing support for LTC.
The relative strength index (RSI) is found at index 45 in the lower half of the neutral zone. The RSI slope is still upwards, indicating comparatively more buying activity for today.
LTC/USD 4-hours analysis: Recent developments and further technical indications
The four-hour Litecoin price analysis confirms the above-explained scenario as the bullish trend has been turned away by the bears. The price has covered a downward movement in the past eight hours. At the same time, the continuous appearance of red candlesticks indicates a decrease in cryptocurrency value. The bearish momentum has brought the price down to the $105 mark, but likely the bulls are going to challenge the bears if support present at $104 persists. Meanwhile, the moving average in the four-hour price chart rests at $104.9 below the price level.
The volatility on the 4-hour chart is mild as the volatility indicator shows its upper limit at $108.8, representing resistance for LTC, and the lower limit of the indicator is at the $100.2 mark. The RSI is trading at index 52, the slope is downwards, but the steepness of the curve is not much as the price oscillation has slowed recently, hinting at competition from the opposite side.
Litecoin price analysis: Conclusion
The one-day and four-hour Litecoin price analysis predicts the upward trend is now turning into a downtrend for the cryptocurrency as the selling activity rises. The bears have managed to turn the circumstances in their favor by degrading the coin value to $105. The hourly price chart displays green candlesticks as the market value of LTC/USD is decreasing continuously, and the intraday traders should now look for the $104.6 support if it holds up or if not, then the coin’s price may slip towards the $100 range.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-03-12/