Altcoin
Litecoin continues to consolidate as the bulls and the bears fail to take control
Posted:
| Last updated: August 27th, 2019
Litecoin continued to falter in the market with its below-par price activity. The silver coin was priced at $74.05 at press time and the market capitalization was recorded to be around $4.6 billion. The growth over the last 24-hour was only 0.06 percent and the trade volume garnered was around 2.2 billion.
The coin was traded the most on the DOBI exchange as the exchange was responsible for over 10 percent of the overall trade with a volume of $231 million.
1-hour chart
Source: Trading view
Resistance 1: $78.71
Resistance 2: $77.04
Support 1: $73.95
Support 2: $71.96
The short term analysis of Litecoin projected a consolidation phase where the price had experienced sideways movement in the charts. The uptrend observed took the valuation from $75.52 to $78.56, followed by a price slump which stretched the valuation of $78.37 to $74.26.
The Bollinger Bands were converging in the charts which suggested a decreased volatility.
The Awesome Oscillator or AO was bearish in nature as red bars had appeared in the chart.
The Chaikin Money Flow or CMF was above the zero-line which indicated an increase in capital flow in the market.
1-day chart
Source: Trading View
Resistance 1: $141.58
Resistance 2: $123.58
Resistance 3: $101.48
Support 1: $72.49
Support 2: $40.08
Support 3: $29.75
The long term chart of Litecoin experienced a slump which saw the valuation drop from $132.92 to $95.78. However, the charts also indicated a major hike which stretched the valuation from $38.36 to $136.57.
The Parabolic SAR was bearish in the charts as the dotted markers appeared above the candlesticks.
The MACD line and the signal line were at a close proximity with indicated that the trends were neutral in the charts.
The Relative Strength Index or RSI indicator remained under the 40-line marker as the coin remained very close to the over-sold section.
Conclusion
Litecoin has been quite in the market as the short term charts and the long term charts indicated a stagnant phase.
