Litecoin price analysis: Bulls run out of steam near the $80-mark

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  • 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.
 

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