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5 February 2023
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Litecoin price analysis: LTC to retest $109 as support as price levels sink to the $110 range

  • The Litecoin price analysis is bearish.
  • Support for LTC/USD is present at $109.3.
  • Resistance for LTC is present at $114.5.

The Litecoin price analysis is bearish today as the bears are leading the charts for today. Cryptocurrency has been in a correction since yesterday after recovering up till 19 April 2022. The price has corrected down to $110.8 as bears are in the driving seat, and the trend is bearish for today. The bearish pressure is there, and the market is showing negative sentiment for LTC as bears diverted the bullish efforts and have turned the tables in their favor.

The price trend line was going upwards previously, but now it seems like the coin will establish a series of lower lows, which is a discouraging sign for buyers. The next support for LTC is present at the $109.3, which will be retested soon.

LTC/USD 1-day price chart: LTC is yet to find the support

The one-day price chart for Litecoin price analysis suggests a further decrease in price levels as the coin is in correction. The trend was upwards from 12 April 2022 to 16 April 2022 as the coin was gaining significant value. But a strong correction was observed on 17 April, which deteriorated the coin value negatively; an equal recovery was also recorded during the next two days, but LTC was rejected from the further upside at $113.8, and today, the price has reduced to $110.8 losing another 1.79 percent value overnight.

On the other hand, the coin is still at a marginal profit of 0.44 percent for the past week as the trend was upwards at the start of the week. The trading volume has slightly decreased by 2.17 percent, and the moving average (MA) is trading at $110.1 above the current price level.

Litecoin price analysis: LTC to retest $109 as support as price levels sink to the $110 range 1
LTC/USD 1-dayr price chart. Source: Tradingview

The SMA 20 is traveling towards the SMA 50 curve as the trend was upwards previously, and with one more bullish episode, it may cross above the SMA 50 curve; this situation hints at bullish activity to be observed in the coming days.

The volatility is also high for LTC, as the Bollinger bands show the upper band at $126, representing the resistance for LTC, and the lower band is present at $100, representing the strongest support for LTC. As the price has been decreasing since yesterday, the Relative Strength Index (RSI) levels have also sunk to index 46, which indicates the selling activity in the market.

Litecoin price analysis: Recent developments and further technical indications

The 4-hours price chart for LTC price analysis suggests that the bulls were performing acceptably, but bears plunged the price down after every eight to 12 hours, which is keeping the trend downwards as the price levels are decreasing. The same is the trend for the last four hours as another strong correction was observed just recently, and the price came down to the $110.8 level, as bears took charge even after the price broke upwards at the start of the day.

Litecoin price analysis: LTC to retest $109 as support as price levels sink to the $110 range 2
LTC/USD 4-hour price chart. Source: Tradingview

The Bollinger bands are maintaining the distance between their two extreme ends on the four-hour chart, with the upper value present at $115.6 and the lower value present at $106.4. The volatility is less on the hourly chart as compared to the daily chart. The RSI curve traveled down during the last four hours, with the score decreasing to index 47, indicating the selling pressure returning in the market.

Litecoin price analysis: Conclusion

The above Litecoin price analysis suggests the bears are in the lead for today as well. The price function has experienced some gains along with strong correction during the past week, and despite the fact that the coin is still reporting nominal gains over the last week, the bearish pressure still weighs on the price function. We expect the price will decrease further below $110.8 today.

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