TL;DR Breakdown
- Litecoin price analysis is bearish
- LTC prices have seen major support at $106.30
- Litecoin prices are currently trading at$108.31
Today Litecoin price analysis shows a downtrend for the cryptocurrency as it dips below the $109 key level. This marks a move away from the highs seen yesterday at around $114. The cryptocurrency has now seen two straight days of losses and is down around 2.68% in the past 24 hours. The price has dropped to $108.31, with bears in control, signaling a bearish trend for today. The bearish pressure is mounting, and the market is demonstrating negative sentiment for LTC, with bears diverting the bullish efforts and turning the tables in their favor. The next support level for LTC prices is likely to be at $104.0
Litecoin price movement in the last 24 hours: Bears increase their pressure
The Litecoin price has seen a minor decline of 2.68% over the past 24 hours and is currently trading at $108.31. The market cap for the cryptocurrency stands at $6.78 billion, and the 24-hour trading volume is recorded to be at $3.74 billion. The LTC prices have fluctuated between a high of $114.03 and a low of $108.12 in the past 24 hours.LTC prices are facing strong resistance at the $114.12 level, and the bulls are not able to push prices any higher.
The selling pressure is growing, and a bearish trend has been established in the market. The Relative Strength Index for LTC is currently at 48.61, and it seems that the prices may see further declines as the RSI dips below 50 levels. The EMA20 is currently at $111.47, and the EMA50 is placed at $114.68, both of which are acting as strong resistance levels for LTC prices. The MACD shows a bearish crossover, and the histogram also supports a bearish trend in the market.
Litecoin price analysis on a 4-hour price chart: Prices retrace after hitting $114
Litecoin prices have seen a quick retracement from the highs of $114 seen yesterday. The price dipped below the $109 level and is currently trading at around $108. The cryptocurrency has found support at the $106.30 level, which is likely to act as a strong barrier to any further downside. The bulls need to push prices back above the $109 level to invalidate the bearish trend and take control of the market once again.
The 4-hour price chart for LTC shows a clear downtrend in prices as the bearish pressure increases in the market. The MACD shows a bearish crossover and the histogram supports a bearish trend as well. The RSI is currently at 49.99 and is likely to dip below the 50 levels, which would signify further downside. The market volatility for LTC prices is currently at 2.54%, and the Bollinger Bands show a clear bearish squeeze. On the four-hour chart, the Bollinger bands are keeping their distance between their two extremes intact, with the upper value at $115.6 and the lower value at $106.4On the hourly chart, the price fluctuates less than it does on the daily chart.
Litecoin price analysis conclusion
The bears appear to be in the driving seat for today, as indicated by the aforementioned Litecoin price analysis. The price function has improved during the last week, and despite the fact that the coin is still reporting modest gains over the previous seven days, bearish pressure continues to weigh on it. For intraday trading, the cryptocurrency may remain bearish and target the $106.30 support level. A break below this support could see prices decline to $104 levels in the near term.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-04-22/