The latest Litecoin price analysis suggests a bearish trend for today and supports sellers as the price has undergone a considerable decrease since morning. Although the bulls were in the winning position today, the prices have fallen drastically today. The current LTC price is at $65.77 and it faces resistance at $64.52. The bulls are still trying to make their comeback, however, the bears have been able to keep them at bay.
The market sentiment for LTC remains bearish today as the prices are still below the $66 mark. The LTC/USD is down by 0.43 percent at the time of writing, and the market cap is at $4.72 billion. The 24-hour trading volume is recorded as $376 million.
Litecoin price analysis 1-day price chart: Bears in control as prices dip below
The 1-day Litecoin price analysis shows bears are trending again after a brief period of bullish momentum. The bearish trend has again damaged the cryptocurrency’s value to a good extent as it plummets from the intraday high of $66.60 to the current level of $65.77. On the upside, there is a major support barrier around $6.52 which is preventing the LTC prices from falling further. However, the bears are still in control as the price is in a downward trend and could soon break down to new lows.
The RSI indicator is currently at 45.15 which suggests that the LTC prices have still some room to fall before they reach the oversold region. The MACD indicator is also pointing towards a bearish crossover. The EMA lines are on the verge of crossing each other, indicating a bearish trend.
LTC/USD 4-hour price analysis: Latest developments
The 4-hour Litecoin price analysis confirms the downtrend, as the price has been trading at $65.77 for the last few hours. The price has formed lower highs and lower lows, which is a sign of bearish momentum in the market. The bulls have not been able to take the price above $66.60, which is a sign of weakness.
The Exponential Moving Average (EMA) lines are also trending downwards, suggesting that the bears are still in control. The Relative Strength Index (RSI) is currently at 50.08 and could soon enter the oversold region if the prices continue to fall. The MACD indicator is still in bearish territory, showing that there could be further downside for the cryptocurrency.
It is clear that the bears are still in control of the market, and if they continue to push the prices lower, then it could be difficult for the bulls to make a comeback.
Litecoin price analysis conclusion
The Litecoin price analysis clearly shows that the bears are still in control of the market. The prices have been trading below the $66 mark and they could continue to drift lower if the bears maintain their momentum. However market might correct itself soon as the bulls and bearish trends are in equilibrium.
Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-12-23/