Litecoin price prediction Summary
- LTC/USD price function is bearish according to Litecoin price analysis.
- Support for LTC/USD is present at $167.
- Next, resistance is present at $176.
For today’s price action, the Litecoin daily prediction indicates a bearish trend. The bears have reclaimed control of the price charts once again, lowering the price from $174 to $171, as market sentiment is bearish towards LTC/USD. Selling pressure arrived during yesterday’s session and has continued up until now, albeit with little effect;
Over the last 24 hours, the market as a whole has had mixed results. Bitcoin improved by 1.11 percent while Ethereum decreased by 1.8%. Meanwhile, Solana (SOL) is one of the worst losers, dropping more than 9%.
LTC/USD 1-day price chart: More downtrend to follow?
The price breakdown was downward today and continues to drop as of now, and the LTC/USD pair is traded at 171.8 at the time of writing, according to the 1-day price chart for Litecoin price analysis. The price movement was upwards during the whole previous week, although it seems to be sloping sideways right now.
The market volatility is decreasing for LTC/USD as the Bollinger bands are shrinking and the upper bank of the indicator is sinking more than it rises. At $161, the mean average line of the Bollinger bands remains below the price. In future days, a greater price deficit will most likely follow as seen by the comparatively sharper convergence of the upper
The RSI is in the neutral zone, with no change in momentum. After the 28th of September, the RSI began to rise and has since reached a better position. The RSI index is at 53, but it’s declining slowly, implying that selling activity is gaining strength in the market.
The MACD oscillator is displaying a bullish signal, as evidenced by the green color of the histogram since October 1st, with the bars growing in size.
Litecoin price prediction: Recent developments and further technical indications
The 8-hour price chart for Litecoin shows a continuous deterioration in price, and no considerable bullish effort has been observed today. As LTC’s volatility has decreased relatively since 4 October, restricting the price function, the last candlestick on the 4-hour chart might also turn red soon.
The RSI is horizontally moving, suggesting resistance on the upswing from the bullish side. If the RSI dips, it indicates that the price is continuing to fall.
On the 4-hour chart, however, the moving average (MA) is exhibiting bearish indicators by pushing towards the price level, and if the price decreases a little more, it will pass a bearish crossover further verifying the bears’ grip.
Although the majority of the technical indicators are still bearish, as well as short-term moving averages and exponential moving averages, nevertheless the Hull moving average and Momentum oscillator are signaling to sell LTC assets.
Litecoin price prediction: Conclusion
Despite the fact that most of the technical signals indicate bulls, taking a look at chart patterns and RSI sinking, it’s safe to expect that the price will decrease in the next hours, as well as in the days ahead. Traders should anticipate a downward trend in the short term as the price of LTC/USD is currently on a downtrend.