Litecoin Price Analysis: Price Slumped 11% in 2 Days, Amid the Bearish Pressure

• The uptrend was pulled by the bears and now the coin is facing a downtrend across all time horizons.
• The technical indicators indicate for a bearish movement ahead, investors should wait for a reversal.
• The LTC/BTC pair is at 0.002666 BTC with a loss of 2.53% in it.

It looks like the flattering uptrend is now converted to the downtrend amid the return of bearish dominance over the daily chart. This shows that bears have started dominating the market again and this will cause the price drop again, bears are wasting the bulls’ they made with hard work. The trading volume has declined and is moving below average still it is at a gain of 3%. The price was at a higher high of $58.5 in the 24 hrs trading session. Bears made the price drop 11% in just 2 days and are still going. The coin is calling its bulls to rescue the coin.

The current price for one LTC coin is trading at $55.68 with a loss of 4.49% in its market capitalization in the last 24 hrs. The coin has a volume of 477 million which is at a gain of 3.46% in the 24 hrs trading session and a market cap of 3.9 billion. The volume market cap ratio is 0.1218.

What do Technical Indicators Suggest

The trading volume is moving way below the average and is still at a gain of 3% indicators indicating the increase of bearish dominance over the graph.

The MACD indicator supporting the bearish rally shows the fading of the green histogram and if it continues we can soon witness a negative crossover. Along with this we can see the relative strength index is diving amid the selling pressure over the price and supporting the bearish dominance over the market. Whereas the BB cloud is moving neutrally over the daily graph.

The investors need to take care as the bears may push the price below the crucial support and then it will be difficult for the bulls to handle the situation.

Conclusion

LTC charts looks like the flattering uptrend is now converted to the downtrend amid the return of bearish dominance over the daily and hourly chart.  Bears made the price drop 11% in just 2 days and are still going on. The technical indicators this time are in favor of a bearish rally ahead, so the investors can wait to make an entry or exit to the market.

Technical levels

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Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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