The Litecoin price analysis shows that bears are leading the charts for today. Overall the coin is trying to get out of the bearish cycle as the price trend line has been upward for the last six days. But bears are continuing their lead for today, as they took control over price function yesterday at the end of the trading session; otherwise, bulls were performing well yesterday and uplifted the price to a good height.
Despite the fact that the short-term trend line is moving upwards, the larger trend is still bearish, and Litecoin has gone through severe losses during the past few months, and still, the larger trend is the same. The cryptocurrency also incurred losses in the past four hours as well.
LTC/USD 1-day price chart: Price tumbles to 52.4 after the bearish turn
The 1-day price chart for Litecoin price analysis shows the downwards price movement of LTC. Although the coin gained significant value during the past week, today, some damaged damage has been noted in the coin’s value as bears are at lead. LTC is trading hands at $52.4 at the time of writing. The price is nearing the support zone, which may come under test if the selling pressure continues.
The said support looks strong, but if the overall market crashes, then it will also fall prey to the bears. The upwards price movement of the past few days has helped in gaining 17.43 percent value during the past week. However, the trading volume has increased by 52.4 percent today.
Talking of the moving average (MA), its value is present below the price level at the $48.2 mark as the SMA 20 is still trading below the SMA 50 curve. The volatility is also high as the Bollinger bands still cover more area, with the upper band located at the $70.2 mark representing the resistance and the lower band present at the $40.6 mark representing the support. The relative strength index (RSI) has also decreased, and the curve is downwards, hinting at the selling momentum. The RSI is present at index 43 in the lower half of the neutral zone.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Litecoin price analysis shows the price breakout was downwards today, and the price is still on a decreasing trend. Bulls haven’t shown up yet, and the bearish activity has been going on during the last four hours as well, as the price decreased to $52.4.
The MA is trading below the price level on the 4-hour chart as it is present at $50.5, but it is above the volatility indicator’s average line, which is present at the $47.9 mark. The Bollinger bands also show high volatility here as well as the Bollinger bands are diverging sharply today, with the upper band at the $54.8 mark and the lower band at the $41.4 mark. The RSI is showing a downslope as the price function was also downwards during the last four hours due to the selling activity in the market.
Litecoin price analysis conclusion
The Litecoin price analysis shows the coin price has decreased today, and the price function has been downwards up till now. The price has been headed downwards in the last four hours as well, and chances are for the price to move further down. However, a change in trend can not be completely ruled out as the bulls made a return later yesterday after a bearish start, so if the market reives, then LTC/USD crypto pair may also recover some value.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-06-20/