Litecoin Price Analysis: LTC Unable to Reach $50 as Bearish Impulse Returns to Market
The recent Litecoin price analysis shows that the market is giving the bears an edge by lowering the price to $48.2. This is a negative sign for the buyers as the price has remained under the bearish shadow over the previous weeks. The bears are struggling to regain their leadership position and a slight decline in the value of the cryptocurrency has been seen over the past 24 hours.
1-Day LTC/USD Price Chart: LTC Loses Another 1.43%
One-day analysis of Litecoin price confirms a downtrend for the market as the bears managed to escape yesterday’s bullish momentum. The bears dominated the price chart for the past couple of weeks as the downtrend peaked. Now the chances of survival are diminishing for buyers as the price has fallen to $48.2 as the coin has lost another 1.43% in value over the past 24 hours. The moving average (MA) value is still at a much higher position i.e. $50.4.
On the contrary, volatility is increasing, which is not a positive indication regarding future price trends given the current situation. The upper edge of the Bollinger Bands indicator is now at $57.6, representing resistance, while its lower edge is present at $46.3, representing support for LTC. The Relative Strength Index (RSI) score decreased and the indicator curve reached the index 41 due to selling activity.
Litecoin Price Analysis: Recent Developments and Other Technical Indications
The bears have held the upper hand for the past few hours, following a decline. After the recent trend reversal, the price declined significantly and fell to $48.2. This is a rather discouraging sign for the buyers since they have been defeated in recent hours. Yesterday’s bullish price action has come to an end and the bears are once again in the lead. Moreover, the moving average (MA) value for the four-hour price chart stands at $48.5 and the price has broken below the MA.
The SMA 50 curve is also above the SMA 20 curve as the bears have consistently ruled the price chart. Moreover, the upper Bollinger Band is now present at $51, while the lower Bollinger Band is located at $46.7. The RSI score is also down and reached index 42 due to the continued downward trend.
Conclusion of Litecoin price analysis
As confirmed by the above 1-day and 4-hour Litecoin price analysis, the price has been showing signs of a bearish nature over the past 24 hours. The bears have dominated the market for a month and today a downward move is registered. The value of the coin is now at $48.2 and can only be prevented if the bulls receive massive support. Similarly, the hourly price forecast signals a decline while bears cause prices to fall.
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