Litecoin price analysis: LTC/USD peeks below 20-day Bollinger band, may face bullish correction soon
- Elliott Oscillator shows four straight bearish sessions.
- RSI indicator is creeping next to the oversold zone.
LTC/USD is on course for charting three bearish days in a row. The price met resistance at $57.10 three days back and it has been trending downwards ever since. Yesterday, LTC/USD fell from $54.65 to $52.60 and has gone down to $51.70. The price is trending below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. The hourly chart indicates that LTC/USD struggled to break past resistance at $55.15, before dropping down from $54.85 to $52.15 in just five hours. The price then trended horizontally for a bit before falling to $51.70.
LTC/USD daily chart
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LTC/USD has peeked below the 20-day Bollinger Band, which is a very bearish sign. The Bollinger jaw has also constricted considerably, indicating decreasing market volatility. The Moving Average Convergence/Divergence (MACD) indicator reveals decreasing bullish momentum. The Elliott Oscillator shows four straight bearish sessions, while the Relative Strength Index (RSI) indicator is creeping next to the oversold zone.
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.
