According to the moKitest recent analysis of Litecoin’s price, there is a bearish trend despite its attempts to exceed the resistance level of $92.8. Over the past few hours, the price has been rejected at this level, causing it to continue to decline. The selling pressure has caused the price to drop to $92.1, with the current graph displaying predominantly red candlesticks.
The latest analysis of Litecoin’s daily price chart indicates bearish signals for the market. The chart reveals that there has been significant competition between buyers and sellers in the past few days. Litecoin enjoyed a strong bullish trend and reached its peak at $93.8 on May 17, 2023, leading to a substantial increase in its value. However, maintaining the $93 level has been challenging, resulting in a decline in the current price to $92.15. Furthermore, the return of selling pressure today has contributed to the downward movement.
According to the LTC/USD 1-day price chart from TradingView, a thorough evaluation of the Bollinger bands indicates an average value of $86.1. The upper boundary of the bands indicates a resistance level of $95.1, while the lower boundary represents a support level of $76.4. Additionally, the moving average indicator (MA) still reflects the previously bullish sentiment, displaying a value of $89 in the analysis.
The RSI score of 58 indicates that the indicator is in the upper portion of the neutral zone, implying a state of balance. The flat curve further suggests that there is competition between buyers and sellers in the market.
The current hourly analysis of Litecoin’s price shows unfavorable outcomes for potential buyers. The trend has mostly favored the bears, leading to a gradual decrease in price since the start of the trading session. However, it’s worth noting that the downward trend is still controllable, and there haven’t been any significant setbacks encountered yet.
Based on the LTC/USD 4-hour price chart from TradingView, the Bollinger Bands indicator indicates a gradual contraction, suggesting a decrease in the overall volatility of the cryptocurrency. This reduction in volatility implies that there is a high probability of fewer price oscillations during today’s trading session. The average value of the Bollinger bands on the four-hour chart is $91.9, with the upper band positioned at $93.6 and the lower band at $90.1.
The moving average indicator is positioned below the SMA 50 curve at the $91.8 level. On the 4-hour chart, the RSI value is 56, indicating an average figure. However, the downward slope of the RSI curve suggests that sellers are making progress in the market.
After analyzing today’s Litecoin price, it is expected to have a bearish movement. The one-day LTC/USD chart shows a clear resistance level of $93.8. The charts indicate that volatility is higher on a daily basis but gradually decreases hourly, making it difficult to predict future trends accurately. However, if LTC/USD maintains its current support level, there is a good chance of recovery after a later correction.
