As the bear charged multiple attacks, Litecoin [LTC] dipped into a deep red wherein it slumped by 12.4%.
At press time, the token was trading at a depreciated price of $26.2, with a market cap of $1.5 billion. The 24-hour trading volume was recorded at $460.1 billion.
LTCUSD 1-hour candlesticks | Source: tradingview
Since the last week of November, the one-hour LTC candlesticks have seen a stark support breach wherein the earlier support set at $28 was violated by the more immediate, stronger support suspended at $25.
Meanwhile, the downtrend is extending from $34 to $30 in this scenario, forming a descending triangle with a support line. A trend breakout cannot be foreseen as of now, as there is no price concentration in the market.
On the Aroon indicator graph, the downward trend is appearing to be stronger than the uptrend. This is a clear sign that the indicator is bearish on the coin.
The Chaikin Money Flow is also bearish on Litecoin as the reading line continues to lurk below the 0-line. However, this stance cannot be confirmed as the indicator is making efforts to climb up.
The Relative Vigor Index made a slight bullish crossover by the signal line to show support for the cryptocurrency. The RVGI is attempting to follow an upwards path to predict a bullish outlook.
LTCUSD 1-day candlesticks | Source: tradingview
In the one-day Litecoin price candles, a steep downtrend has been observed that runs from $89 all the way down to $56. Since August, multiple supports have seen breach by the next ones, wherein the current LTC support level is set at $28.7 but is not guaranteed to stay put as the price is undergoing consistent plunge.