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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins undergo price correction as bears rally back into market

Biraajmaan Tamuly

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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins undergo price corrections as bears rally back in the market
Source: Pixabay


After the recent price surges, Bitcoin [BTC] and Litecoin [LTC] continued to decline as the coins witnessed market price corrections. At press time, Bitcoin was priced at $5,084.9 and the market capitalization recorded was around $89.3 billion. The price fell by 1.70 percent in valuation against the US Dollar.

Litecoin [LTC] had a significant fall as the coin fell by 5.25 percent against the US Dollar. Over the past seven days, the coin exhibited a more significant decline of around 9.63 percent. The 24-hour trade volume garnered around $2.4 billion and the coin was priced at $78.98.

Bitcoin 1-day chart:

Source: Trading View

The one-day chart for Bitcoin saw the valuation bounce between $3,500 to $4500, until the recent surge propelled the valuation from $4,168.5 to $5,299.4. The resistance line was placed at $5,312.4 and the long-term support line remained at $3,281.7.

The Bollinger Bands indicated a less volatile period for the coin as the markers converged.

The Fisher Transform line remained under the red line on the chart, which pointed towards a bearish trend.

The Relative Strength Index or RSI line was under the 70-marker, indicating an equivalence in selling and buying pressures. However, the token was closer to the overbought zone.

LTC 1-day chart:

Source: Trading View

It can be observed from the Litecoin one-chart that the recent price surge had a dominant impact on its valuation as the coin’s valuation was propelled from $47.73 to $92.57. A price correction had taken place following the hike, which extended the devaluation from $92.578 to $84.425.

The Parabolic SAR indicated a bullish trend for the coin as the dotted markers remained under the candlesticks.

The Awesome Oscillator indicated a weakened bearish momentum as the red bars declined on the chart.

The MACD line remained under the red line, which indicated a bearish wave for the coin.

Conclusion:

After the surge, price correction was inevitable for the coins as the valuation continued to undergo corrections.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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