Litecoin price analysis: LTC down to $161, as bears disrupt bullish trend

TL;DR Breakdown Litecoin price analysis is bearish today.Price underwent a significant decrease.Support is present at $148. The Litecoin price analysis is bearish for today. Bears have brought down the price to $161, canceling out yesterday’s gain in value. Traders are entering the market to sell their LTC/USD assets, fearing another price drop. Bears flourished during the last few hours as selling pressure increased in the market, and the bullish trend came to a halt. Though the last two days proved good for the coin, bears successfully took over and reversed the price function, and indications are there for a further decrease in price. The price trendline is downwards from the last week. LTC/USD 1-day price chart: Traders fear a short-term price drop The 1-day price chart for Litecoin price analysis shows bears are pulling the price down and seems successful in their attempts. Price is decreasing gradually as bears continue their lead. The past few hours proved insignificant for the cryptocurrency. The LTC/USD pair traded between the range of $164-$161 today and is trading hands at $161 at the time of writing. LTC/USD 1-day price chart. Source: tradingview The volatility for LTC is comparatively high, and the Bollinger bands movement shows both ends on a downslope with their average line above the price level, which shows price might go down in the coming time. The Relative strength index (RSI) is in the lower h...