Bulls couldn't keep control of the market last week, and after touching a high of $103.38 on 18 April, the price declined against the US Dollar, touching a low of $89.06 today in the early Asian trading session.
A bearish engulfing is present below the H1 handle at $103.38. It signals the end a bullish period and the beginning of a bearish one in the market.
The MACD is now below its moving average on the daily timeframe. Litecoin has also fallen below its pivotal level of $91,04 and is trading under its 200-hour ema moving average.
The relative strength indicator is 30.14. This indicates a very weak demand for Litecoin, and that the market continues to be under pressure.
Litecoin is still below all moving averages. This gives a bearish indication at the current market level of $90.37.
The STOCHRSI indicates overbought markets, meaning the price will likely decline in the near term.
The short-term outlook has become very bearish for Litecoin.
- All technical indicators are bearish
- Litecoin is reversing to the downside below $103.38.
- The RSI is in a bearish trend.
- The average true range indicates a low level of market volatility.