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Litecoin [LTC] Price Analysis: Bears seek to take control after coin posts major gains

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Litecoin [LTC] Price Analysis: Bear seeks to take control post major gain
Source: Pixabay

The fourth largest crypto asset on CoinMarketCap, Litecoin [LTC] recuperated over the week, breaching the $55 mark. The largest volume of LTC was traded on the Coineal exchange via the trading pair LTC/BTC for the third time this week. Its trading volume accounted for 6.44% of the coin’s 24-hour trading volume.

On 7 March, the silver crypto coin reached a high of $59.00 before falling to a low of $55.08.

At press time, LTC held a market cap of $3.45 billion with a 24-hour trading volume of $2.31 billion. The coin exhibited a slight decline of 0.83% against the US Dollar and was priced at $56.75.

1-hour

Source: TradingView

The hourly chart of LTC exhibited an uptrend from $46.28 to $55.76, along with a minor downtrend from $47.81 to $45.97. The resistance remained at the $65-mark while the the support held firm at $48.28.

Parabolic SAR: The dotted lines were aligned above the candlesticks, suggesting a bearish pattern for the coin’s price.

MACD: The MACD line was aligned below the reading line and depicted a bearish phase for the coin.

Chaikin Money Flow: The CMF graph was below the zero-line. This indicated that money was flowing out of the coin market and hence, a bearish trend was predicted for LTC.

1-day

Source: TradingView

The one-day chart for the coin registered an uptrend from $23.36 to $30.58 and a downtrend from $55.74 to $32.58. The immediate resistance was noted at $63.18, while the second resistance was marked at $67.72. The price was supported at $37.68.

Bollinger Bands: The mouth of the band was open after a price breakout. This indicated high volatility in the silver digital coin’s valuation.

Awesome Oscillator: The bars were found to be green, suggesting a bullish price momentum for LTC.

Klinger Oscillator: Post a bullish crossover, the reading line was treading above the signal line.

Conclusion

On the hourly chart, Parabolic SAR, MACD and CMF exhibited a bearish phase for the coin’s valuation. However, AO and KO projected the coin’s price to edge higher.



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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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