Litecoin (LTC) Plummets Further as Bears Dominate the Market
- Litecoin prints a bearish outlook today.
- The altcoin has its resistance level at $162
- Meanwhile, the support zone stands at $152.
According to Litecoin price trends, the altcoin has observed price drops today. That way, the LTC marketplace has bears dominating. The digital coin exhibits downtrends as LTC bears managed to stop Litecoin from climbing past $158. Today’s downturn comes as bulls triggered upward actions yesterday. However, bears stepped up again, driving prices lows amid the dominant bearishness of the past several days. With that, Litecoin registered downward moves, trading under $156 today.
LTC/USD Daily Price Chart – Bears Drag Litecoin Lower
Litecoin sees its price dropping once more as LTC/USD’s daily price chart analysis shows bearish control. Meanwhile, the alt saw significant price improvements yesterday as an upward trend took over the marketplace. However, LTC/USD has presented a notable fall today while dipping under $156 with momentum to explore further plummets. For now, Litecoin wavers beneath the MA indicator’s value at $158.
Bears control LTC below the $156 resistance level, December 5 price cap. Moreover, volatility has increased as the top Bollinger ban stands at around $233. Meanwhile, the bottom Bollinger ban stands for $134, providing a support area for Litecoin. Relative Strength Index saw an improved score yesterday amid LTC demand. However, the indicator moves downward today, confirming market pressure for Litecoin price.
Technical Indicators and Recent Developments
The 4Hr price chart confirms bearishness for Litecoin as the alt’s price dropped again today. Though the downbeat mode has dominated the chart over the previous weeks, bears continue to tighten their grip. Litecoin showed weakness today while plummeting under $156, hinting at further downward price movements. Nevertheless, LTC/USD controls its price actions beyond the MA at $154. Movements under this moving average will mean another bearish cross.
The volatility reduced amid minor hourly price variations. The upper Bollinger stands at $161 while the lower one stays at $148 as the indicators average at $154 provides the altcoin’s support. Moreover, the RSI moves down at the 48-mark.
Litecoin seems ready to record downswings throughout today. The alt downward trend since November 15. Meanwhile, the RSI shows LTC trading under pressure. Analysts expect Litecoin to continue dropping today, exploring levels near the psychological market at $150.
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