Litecoin is shedding its gains in the market today as the bears take control of its price. At press time, its trading volume is down by over 15%, with a price decrease of 2.80% in the last 24 hours. Such a decline comes after major crypto assets like Bitcoin and Ethereum took a blow and entered bearish territory. After its decline from $101.85 to $90.44 on April 19, 2023, the bears mounted more pressure pushing its price down to $81.11. What Next For Litecoin? LTC is in a downtrend today, forming a bearish engulfing pattern on the daily charts as it descends to lower lows. It has dropped below its 50-day Simple Moving Average (SMA) and is trading below its 200-day SMA, with bearish sentiment in the short and long term. Related Reading: Shiba Inu: Whales Accumulate Yet Price Drops – What’s Going On? Also, its Relative Strength Index (RSI) is at 34.74 and rapidly descending to the oversold region of 30. It implies that the bears are in control as more traders take short positions in the market. And the decreased trading activity is aiding ..
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