Litecoin price analysis: LTC heads down to $104, one year low

TL;DR Breakdown

• Litecoin price analysis is bearish.
• Resistance for LTC/USD is present at $108.5.
• The current support level is at $101.2.

The latest Litecoin price analysis is showing a bearish trend as the price function is headed down for the fourth day now. Earlier LTC/USD has tried to break through the resistance at $113 on 23rd January but failed. A continuous bearish drift is observed if we go through the price variation that has taken place in the past few days. The constant pressure from the sellers has reduced the support level to the $101 figure, and red candlesticks are dominant on today’s price chart as well. The price has been reduced to a year’s lowest level after 24th December 2020.

LTC/USD 1-day price chart: Daily chart gives bearish signals for the market

The 1-day price chart for Litecoin price analysis shows from the overall view and general analysis, and it can be deduced that both the bulls and bears have shown strong competition over the past couple of days, with bears taking the lead almost every day. The crypto pair is trading hands at $104.5 at the time of writing, and the LTC/USD reports a loss of 24.35 percent over the past week despite the trading volume increasing by 22.49 percent.

The volatility has been relatively high as the Bollinger bands are giving an average of $127 as a whole. The upper end of the Bollinger bands is present at the $158 mark representing resistance. While the lower Bollinger bands value is placed at the $97 mark representing support, as authenticated by the thorough Litecoin price analysis. The relative strength index (RSI) is at a downwards slope at index 29 in the undersold region, indicating the selling activity and strong bearish pressure still prevailing in the market.

Litecoin price analysis: Recent developments and further technical indications

The 4-hours chart for Litecoin price analysis shows constant red candlesticks are appearing on the chart as bears continue to challenge LTC bulls and drag the price down. The very last few hours of today’s trading session saw some bullish efforts, and after that, bulls are striving for the lead as a small green candlestick can be seen appearing on the hourly chart.

The volatility has decreased by a greater margin as the Bollinger bands are narrowed down with the upper band at $112.8 and the lower band at $102, making an average at the $107 mark. The moving average (MA) has also moved down near the price level and is found at $108 above the price level. The SMA20 is now trading above the SMA50, which is is a positive sign. The RSI has also been uplifted a bit and is trading at index 37 due to the bullish support that just appeared.

Litecoin price analysis conclusion

From the above 1-day and 4-hours Litecoin price analysis, it is evident that bearish momentum is on the go, and bears have succeeded in bringing the LTC/USD pair price down as red candlesticks appear for them with every passing day. The relative strength index (RSI) is also trading in the under-sold zone and is still going down, which can be a worrying factor. We expect LTC to continue further downside below $104 in the coming hours.

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