Litecoin price analysis reveals that after a brief bullish surge, LTC has fallen back below the $53 level against the US dollar. The price is now trading close to the key support at $52.76 and is down by 0.41% on the day. The coin has a market capitalization of $3.71 billion, and its trading volume over the past 24 hours has been $313 million. The support for the LTC/USD pair is present at $51.77, while the resistance levels are at $53.09, showing a bearish trend for the coin.
LTC/USD 1-day price chart: Downtrend causes price depression up to $52.76
The Daily Litecoin price analysis shows that LTC has formed a descending channel on the charts, and the price is now trading very close to the bottom of this range. The bulls have failed to push the price above the $53.09 resistance, and as a result, the price has started to move lower. The key support for the coin is now present at $51.77, and if this level is breached, we can expect LTC to fall towards the $53.00 level. On the other hand, if the price manages to rebound from the current level, we can expect it to test the $53.09 resistance once again.
The volatility is high and seems to be increasing as Bolling bands are expanding, with the upper band at $53.09 and the lower band at $51.77 representing the strongest support. The average of Bollinger bands is $52.76 above the current price. The moving average (MA) is at the $53.00 level below the SMA 50 curve, and the relative strength index (RSI) is at index 43.65 and going further down.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis shows that bears have made quite a comeback today, and the price is falling as bears are securing red candlestick on the charts. LTC price is decreasing continuously from the start of the trading session, as bears are gearing up to damage the price value further.
The Bollinger bands are showing the following readings; the upper band is present at the $54.33 level, and the lower band is at $51.95. The moving average (MA) is at the $52.65 level, and the relative strength index (RSI) is at 44.98 points, which represents a bearish trend for LTC.
Litecoin price analysis conclusion
The one-day and the four-hour Litecoin price analysis predicts a strong bearish trend for the day as the coin price covered a steep downward curve in the past 24 hours. Although the bearish wave was traveling quite swiftly, today, the coin value decreased up to the $52.76 mark as the bearish trend intensified. On the other hand, the hourly price analysis shows a bearish inclination, so further downfall can also be expected.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-10-03/