Litecoin continues to navigate through bearish territory - AMBCrypto
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Litecoin continues to navigate through bearish territory

Biraajmaan Tamuly

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Source: Pixabay

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.

Source: Coinstats

1-hour chart

Source: LTC/USD on TradingView

Resistance 1: $57.03

Resistance 2: $56.43

Support 1: $54.03

The short term analysis of Litecoin projected a consolidation phase where the price had experienced sideways movement in the charts.

The Bollinger Bands were diverging in the charts which suggested increased 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: LTC/USD on Trading View

Resistance 1: $138.45

Resistance 2: $101.85

Resistance 3: $77.45

The long term chart of Litecoin experienced a slump that saw the valuation drop from Resistance 3 rapidly since the start of September.

The Parabolic SAR was bullish in the charts as the dotted markers appeared under the candlesticks.

The MACD line and the signal line were at close proximity but a slight advantage indicated that the trends were bullish.

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 continued bearish phase.

Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.