TL;DR Breakdown
- Litecoin price analysis shows continued downtrend
- LTC failed to gather momentum above $105 and moved back to $103 low
- Further movement towards $100 support would signal significant slump
Litecoin price analysis continues to show bearish signs for the fifth consecutive day, as price dropped more than 2 percent over the past 24 hours. A low of $104.11 was recorded after LTC struggled to consolidate momentum above the $105 region to remain below the 9 and 21-day moving averages. Further movement south would bring the support zone at $100 into play which could spell a significant move down towards next support levels at $85 and $80. Conversely, if buyers can rescue price from free fall at current trend, LTC could line up to reach $110 with the next resistance level set at $117.
The larger cryptocurrency market also continued to stay in the red zone as Bitcoin fell to $39,500 and Ethereum dropped below the significant $3,000 mark. Altcoins suffered similarly, as Ripple fell to $0.70 and Dogecoin to $0.13, both enduring a 2 percent drop. Polkadot fell 4 percent to $18.32, Solana 2 percent to $99.81 and Cardano to $0.88 with a 1 percent dip.
Litecoin price analysis: RSI may fall below 40 to suggest more bearish signals
On the 24-hour candlestick chart for Litecoin price analysis, price can be seen receding for a fourth consecutive 24-hour trading session. Price has fallen more than 8 percent over this period, falling to the lowest point this month. The 50-day exponential moving average (EMA) is still well above the current price at $108 and provides the next pressure point for LTC. The $117 resistance will come into play f buyers can consolidate up to this level and push ahead.
However, the relative strength index (RSI) shows bearish signs in this regards at a value of 41.38 and could fall below 40 over the next 24 hours. The moving average convergence divergence curve also shows bearish lows as it swerves away from the neutral zone after initially forming an upper divergence on April 20.
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