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Litecoin [LTC] Price Analysis: Bears hold fort even as price movement remains stable

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Litecoin [LTC] Price Analysis: Bears hold fort even as price movement remains stable
Source: Pixabay

The fifth-largest digital asset in terms of market cap, Litecoin [LTC], recorded an opening value $46.24, followed by a high of $48.99.

At press time, LTC held a market cap of $2.90 billion and was valued at $47.85. The 24-hour trading volume for the silver crypto-coin was recorded to be $1.20 billion, gaining 2.66% over the previous day. Litecoin [LTC] accumulated its highest trading volume of $81.88 million on Coineal for the second consecutive day.

1 hour

Source: TradingView

On the one-hour chart, an uptrend from $43.79 to $45.56 and a downtrend from $52.21 to $45.86 was noted. The coin surged past the previous set resistance level. The immediate resistance level for the coin was marked at $49.31, where a break is anticipated, followed by a second resistance at $51.13. The support for the same chart stood at $43.79.

Parabolic SAR: The dotted markers were aligned above the candles, indicating a bearish pattern to the coin’s market.

Awesome Oscillator: The lines in red indicated a falling bearish momentum for the coin.

Klinger Oscillator: The reading line was found below the signal line, suggesting a bearish course for the coin.

1-day

Source: TradingView

An uptrend from $23.25 to $30.58 and a downtrend from $55.73 to $33.96 was recorded for the one-day chart. The immediate resistance was marked at $51.10. A second resistance was noted at $55.84 and the immediate support was marked at $30.46.

Bollinger Bands: The mouth of the BB was neither expanding or contracting, indicating stable volatility in the price movement of the coin.

MACD: The MACD line was below the signal line, projecting a bearish course for the coin.

Chaikin Money Flow: The CMF line breached the zero line after falling over the last few trading cycles, indicating decreasing money flow into the coin market.

Conclusion

The indicators, Parabolic SAR, AO, KO, MACD and CMF predicted a bearish trend for the coin. The BB, however, projected stable price movement for LTC.



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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

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