Litecoin price analysis is revealing a bearish trend for today as a further decrease in price has been observed. LTC prices are down by almost 2.18% in the last 24 hours and are currently trading at the $57.33 mark. The cryptocurrency had earlier found support at $57.25 but was unable to sustain the prices and witnessed a sell-off. The LTC/USD pair is currently facing resistance at $59.98, and a break above this level would result in a move to the $60.00 resistance level.
The Litecoin market has been quite volatile over the past few days as the prices have surged and then dipped sharply. The LTC prices started to fall after failing to sustain the $59 level and faced strong selling pressure. The market cap of the cryptocurrency is currently at $4.10 billion, and the 24-hour trading volume is $590 million.
LTC/USD 1-day price chart: Bearish trend intensifies
On 1-day charts, Litecoin price analysis shows that the cryptocurrency is currently in a bearish trend. The bears are currently in control of the market as they have managed to push the prices below the $60.00 level. The bearish momentum has been continuing over the past few days, and today, however also sometimes the bullish trend is seen in Litecoin price analysis.
The MACD indicator is currently in the bearish zone, and the signal line is moving below the histogram. This indicates that the bearish momentum is currently strong in the market. The RSI indicator is currently at 58.56, which indicates that the market is in the oversold zone. The upper limit of the Bollinger Band is currently at $59.63, and Conversely, the lower limit of the Bollinger band is $57.46. The Bollinger Band indicator is currently in the sell zone, which indicates that the prices are likely to fall further in the near term.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis shows that the price is going down once again as a bearish trend has been observed to be strengthening during the last four hours. A steady decline in price levels can be seen on the charts as the price has been following a bearish movement for the last 12 hours.
The Bollinger bands indicator average has decreased to $57.34, whereas the upper Bollinger band is showing a $59.63 reading, and the lower band is showing a $55.89 reading, representing high volatility range for LTC. The RSI curve is headed downwards at index 47.33, as the bearish pressure seems immense. The MACD line (blue) is currently moving below the signal line, which indicates that the bearish momentum is likely to continue in the near term.
Litecoin price analysis conclusion
Litecoin price analysis report shows a downward movement in price has been observed during the last 24 hours, which is a continuation of the bearish trend. The price has dropped down to the $57.33 level because of the constant downtrend that has been following for the past few days and seems to be intensifying today.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-11-16/