TL;DR Breakdown
- Litecoin price suffered another dip after consecutive days of highs
- Price crashed more than 10 percent as LTC recorded one of the biggest losses in the 24-hour market
- Trading volume upped more than 17 percent to highlight major seller action
Litecoin price analysis shows for the past 24 hours shows dire reading for the token as price witnessed another significant crash, the third in this month. LTC dropped as low as $143.7, edging closer to the $140 support floor. Price dropped more than 10 percent on the day, with trading volume increasing over 17 percent to highlight the seller action for Litecoin. LTC price recorded one of the most significant dips in the larger cryptocurrency market, where all major tokens and coins showed hefty downturns.
Bitcoin lowered back past $50,000 with a 7 percent decrement, sitting at $46,621. Ethereum suffered a 10 percent loss to sit at $3,736 at the time of writing, while major Altcoins also dropped. Solana dipped 15 percent, sitting at $149.14. Similarly, Polkadot price dropped 13 percent at $25.76, while Ripple and Dogecoin dropped 10 and 7 percent each, respectively.
LTC/USD 24-hour chart: Price lowers past crucial EMAs with the day’s action
On the 24-hour chart for Litecoin price analysis, price can be seen steering lower past the crucial 25 and 50-day Exponential Moving Averages (EMAs) with the day’s price action. The Relative Strength Index (RSI) value of 33.08 presents a bearish outlook for LTC, with seller action strengthening in the market. With the current decline, price is moving dangerously close to the $140 support floor, at which point there may be a buying opportunity as buyers are expected to push price. Currently, price sits well below the middle Bollinger bands’ curve, predicting a continued bearish run for the token.
LTC/USD 4-hour chart: Bearish RSI confirms continued price free fall
The 4-hour chart for the LTC/USD trade pair confirms signs of continued downturn, with price undergoing a free fall. The RSI value of 35.75 shows little buyer valuation for the token in the market, whereas the Moving Average Convergence Divergence (MACD) curve also sits well below the neutral zone near the 0.0 mark. Over the next few trading sessions, price is expected to hover above the $140 support, with buyers expected to come into the market if price breaches that point.
Litecoin price analysis: Conclusion
Over the past 24 hours Litecoin price has become subject to its third major crash in the space of a week as it followed the greater cryptocurrency market into significant declines. Majority technical indicators suggest that price is set to remain on the sidelines until the $140 support floor is breached. From this point, some consolidation may be expected and a buying opportunity will be presented.
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