Litecoin price analysis: LTC drops to $88.40 after a strong bearish trend

Litecoin price analysis shows a strong bearish trend in the LTC market. The bearish trend recently saw the LTC/USD pair dive to a low of $88.40 from an opening price of $92.83. This indicates that bears are dominating the market as they look to break support at $88.20 and further drive prices down in the short term.

The bullish pressure ruled the market in the previous week, as the pair rallied up to a high of $94.33 before facing rejection. However, the bulls failed to sustain the uptrend and LTC/USD started declining back toward the $88.20 support level. Since then, the pair has been trading in a tight range between $88.20 and $93.90, with neither side having an edge over the other at this stage.

Litecoin price analysis 1-day chart: Bears drag LTC price below the $90.00 level

The 1-day Litecoin price analysis chart shows that the bulls and bears are currently in a tug of war as they battle for control. The price has been trading above the below $90.00 level for the past few hours, with bears pushing it down below this important level. The LTC/USD is down by more than 2 percent in the last 24 hours. The market capitalization for LTC is currently at $6.42 billion, with a decrease of 5.17 percent in the past 24 hours, however, the trading volume is up by 3.18 percent, and it is currently at $537 million.

The Relative Strength Index (RSI) is currently at 51.73, which indicates that the pair could continue to stay in a bearish trend in the short term. The 50-day moving average and 200-day moving average is also signaling a bearish trend, meaning there is no strong support for the bulls at this point. The moving average converges divergence (MACD) is also in favor of the bears as it has created a bearish crossover, with histogram levels dropping below the zero line.

Litecoin price analysis: Support for LTC/USD is seen at $88.20 which may be tested soon

The 4-hour Litecoin price analysis chart shows that the pair is trading near the support level of $88.20, which may be tested in the short term if the bearish momentum continues. The market has made a number of attempts to break the $90.00 level but has been rejected each time. The selling pressure is strong and the bears have managed to push the pair down below this important level.

The hourly technical indicators are also signaling a bearish trend at this point. The RSI is currently in a neutral zone, hovering at 42.18 and if bearish pressure continues, it could move into the oversold territory. The MACD is also in favor of the bears, as it has created a bearish crossover with the MACD line moving below the signal line.

Litecoin price analysis conclusion

In conclusion, Litecoin price analysis shows that LTC/USD is currently in a bearish trend, and support for the pair is seen at $88.20. The technical indicators are signaling a strong bearish momentum and if this continues, then the pair may test this important support level soon. Support from the bulls may be needed to turn the tide and prevent further losses, but currently, the bears are dominating the market.