Bulls could not preserve management of the market final week, and after touching a excessive of $103.38 on 18 April, the worth declined in opposition to the US Greenback, touching a low of $89.06 as we speak within the early Asian buying and selling session.
There’s a bearish engulfing sample under the $103.38 deal with on the H1 timeframe. It signifies the tip of a bullish part and the beginning of a bearish part out there.
The MACD has crossed down its transferring common within the each day timeframe. Additionally, Litecoin is buying and selling under its 100-hour easy transferring common, 200-hour exponential transferring common, and pivot degree of $91.04.
The relative energy index is at 30.14, indicating very weak demand for Litecoin and the continuation of the promoting stress within the markets.
Litecoin stays under all the transferring averages, that are giving a bearish sign at present market ranges of $90.37.
The STOCHRSI is signaling overbought market circumstances, which signifies that the worth is predicted to say no within the brief time period.
The short-term outlook for Litecoin has turned strongly bearish.