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Litecoin (LTC) has suffered a decline in the past 24 hours as the price continues to nose-dive amid bearish sentiment. The development comes as the coin’s Bollinger Band signals the bearish sentiment could linger for some time.
Litecoin technical indicators turn bearish
Notably, the 20-day moving average on Litecoin’s Bollinger Bands reveals that the price is pointing downward after breaching the support formed by the middle band. This indicates that the overall sentiment in the Litecoin ecosystem remains bearish.
If this trend continues and nothing forces it to change course, the coin could continue on this downward path, which might trigger another LTC downturn soon.
According to CoinMarketCap data, Litecoin is changing hands at $89.26, representing a 3.59% decline in the last 24 hours. Investors have also pulled back amid the declining price, as trading volume has dropped by 3.51% to $425.29 million within the same time frame.
Litecoin peaked at $94.01 before market volatility plunged it to a low of $88.24. However, the coin’s $88 support level held as it rebounded to the current price.
Meanwhile, per the insight from the Bollinger Bands indicator, LTC could plunge to $83.19 if the trend lingers, except for Litecoin bulls forcing a resistance.
Can Litecoin's history spark rebound?
Litecoin is flashing bearish signals, marking a shift from the 12% price gain it experienced one day in May. Notably, LTC had soared in value to over $90 despite delays by the U.S. Securities and Exchange Commission (SEC) in approving applications for its exchange-traded fund (ETF).
The development highlights the volatility in the digital asset market space and how fluctuations could impact its price trajectory.
Despite the bearish sentiment, Litecoin market participants anticipate a rebound based on historical trends. Litecoin had an average growth rate of 8.86% in June, and a repeat of history could see the coin hit $97.17.
Vladislav Sopov
U.Today Editorial Team