Litecoin price analysis: LTC value depreciates to $127 as bears strike

TL;DR Breakdown

• Litecoin price analysis is bearish today.
• Resistance for LTC/USD is present at $131.8.
• Support for LTC is present at $121.

The Litecoin price analysis predicts a bearish trend for the cryptocurrency because of a decrease in coin value. The market has been following a bearish trend for the last week, and today the circumstances have proved yet again in favor of the bears. The selling pressure is still there, and as a result, the cryptocurrency value dropped down to $127.2 bottom. But there exist some chances for recovery as well; however, the market pressure seems overpowering as a whole.

LTC/USD 1-day price chart: Latest downswing brings price level back to $127 low

The one-day Litecoin price analysis confirms a decreasing trend for the day as the selling momentum is constantly intensifying for the second day. The situation has been going quite favorable for the bears for the past week, and the price experienced a sharp drop during the last 24-hours as well. Currently, the market value of LTC/USD is at $127.2, losing almost 2.1 percent value during the last 24 hours, and further loss can also be expected if the bearish dominancy continues.

The Bollinger bands show high volatility for LTC/USD. At the moment, the upper end of the Bollinger bands indicator shows a $142.9 value representing the strongest resistance, whereas its lower end displays $104 of value representing the strongest support. At the same time, the Bollinger bands are making an average of $123.5 value.

The moving average (MA) value present in the one-day price chart stands at $129.3 as the SMA 20 continues to trade above the SMA 50. The Relative Strength Index (RSI) score declined up to index 50 due to the latest downswing, but the downwards curve of the indicator is not very steep.

Litecoin price analysis: Recent developments and further technical indications

The hourly Litecoin price analysis confirms a downward trend for the market. The price function has been downwards since yesterday. Despite the deficit in price value, the positive sign is the bullish comeback observed during the last four hours. The price level has recovered a bit, but the bearish dominancy is there, and the price may start correcting again. However, the recent support has recovered the price level to $127.6. Moreover, the moving average value is found standing at $128.8 position.

The volatility is high, which is rather encouraging news regarding the upcoming market trends, and a bullish return seems possible along with the fear of a bearish trend intensifying. The Bollinger bands indicator shows the following values; the upper value is $133, whereas the lower value is $122, hinting at the high volatility. The RSI score is 47 after the recent bullish push on the 4-hour chart.

A selling hint is being given by most of the technical indicators for LTC/USD as a downtrend has been overruling the market for the second day consecutively. Out of a total of 26 technical indicators, nine indicators stand neutral, 13 give sell signals, and only four indicators are giving the buy signals, thus supporting the bearish side overall.

Litecoin price analysis conclusion

The above one-day and four-hour Litecoin price analysis predicts a strong bearish trend for the day. The market has been under bearish pressure for the last week as the continuous decline has lowered the coin value to $127.2. However, the hourly price analysis shows the appearance of support for LTC, but the market pressure still weighs on the price function, which shows the bears at the lead.

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