Litecoin price analysis continues to show bearish signs for the fifth day in a row as the price has fallen more than 2 percent in the last 24 hours. A low of $104.11 was recorded after LTC struggled to consolidate momentum above the $105 region to stay below its 9-day and 21-day moving averages.
Further south would bring the $100 support zone into play which could mean a sharp move to the next support levels at $85 and $80. On the other hand, if buyers can keep the price from falling freely in the current trend, LTC could reach $110 with the next resistance level at $117.
The larger cryptocurrency markets also remained in the red as Bitcoin fell to $39,500 and Ethereum dropped below the significant $3,000 mark. Altcoins suffered similar losses, with Ripple falling to $0.70 and Dogecoin to $0.13, both resisting a 2% drop. Polkadot was down 4 percent to $18.32, Solana was down 2 percent to $99.81, and Cardano was down $0.88 to 1 percent.
Litecoin Price Analysis: RSI may drop below 40 to offer a lower signal
The 24-hour chart of the Litecoin price analysis candlestick shows the price dropping for the fourth consecutive 24-hour trading session. Prices are down more than 8 percent during the period and hit their lowest level this month.
Still, well above the current price of $108, the 50-day exponential moving average (EMA) provides another point of pressure for LTC. The $117 resistance will come into play as buyers can consolidate and continue at this level.
Nevertheless, the Relative Strength Index (RSI) is showing bearish signs in this regard at 41.38 and could drop below 40 in the next 24 hours. The moving average convergence curve also shows bearish lows as it diverged from the neutral zone after initially forming an upward divergence on April 20.
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