Litecoin price analysis: Bulls run out of steam near the $80-mark
- LTC/USD fell from $77 to $75.30 so far today.
- The bears managed to take LTC/USD back inside the 20-day Bollinger Band.
LTC/USD had two bearish days in a row as the bulls ran out of steam near the $80-level. So far this Friday, the price has fallen from $77 to $75.30. The hourly breakdown shows us that the price dropped to $73.25 and found support. The price then went up to $75.15, trended horizontally for a bit and then spiked up further to $77.12. Following that, the bears took over and corrected the price to $75.30.
LTC/USD daily chart
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Over the last two days, the bears have brought the price back inside the 20-day Bollinger band. The price has found support at the 50-day Simple Moving Average (SMA 50) curve. The Moving Average Convergence/Divergence (MACD) indicator shows sustained bullish momentum, while the Elliott Oscillator has had 19 straight bullish sessions. The Relative Strength Index (RSI) indicator has fallen from 62 to 55.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
