Litecoin (LTC) Price Nosedives as Bollinger Bands Signal Lingering Bearish Sentiment

Litecoin (LTC) has suffered a decline in the past 24 hours as the price continues to nose-dive amid bearish sentiment.

Litecoin (LTC) price dropped in the last 24 hours as the coin continues to saw a decline amid bearish sentiment. The development comes as the coin’s Bollinger Band signals the bearish trend could persist.

Litecoin technical indicators turn bearish

As seen by the 20-day moving average on Litecoin’s Bollinger Bands, the price is pivoting down after puncturing the support posed by the middle band. This signals 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 currently trading at $89.26, notl a 3.59% decrease in the last 24 hours. Investors have also pulled back amid the decreasing price, as trading volume has dropped by 3.51% to $425.29 million within the same time frame.

Litecoin hit a peak of $94.01 before market volatility pushed it to a low of $88.24. However, the coin’s $88 support level held as it recovered to the current price.

Meanwhile, according to the insight from the Bollinger Bands indicator, LTC could plummet to $83.19 if the trend lingers, except for Litecoin bulls who are preventing a steeper decline.

Can Litecoin's history spark rebound?

Litecoin is showing bearish signals, highlighting a shift from the 12% price gain it experienced one day in May. Notably, LTC had surged in value to over $90 despite setbacks by the U.S. Securities and Exchange Commission (SEC) in approving applications for its exchange-traded fund (ETF).

The development showcases the volatility in the digital asset market and how fluctuations could influence its price.

Despite the bearish trend, Litecoin market participants might anticipate a rebound based on historical data. Litecoin had an average growth rate of 8.86% in June, and a repetition of this historical value could see the coin reach $97.17.