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Analysis

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.

News

TRON & XRP: Market oscillation subsides as resolute bulls take over; rationality over rewards?

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TRON & XRP: Market oscillation subsides as resolute bulls takeover; rationality over rewards?
Source: Unsplash

A mere sighter of the bullish swings within the cryptocurrency space suggests that bulls are temporary; upswings don’t last and market oscillations are a part of normalcy. The cryptocurrency realm’s relationship with bulls is an affair, not a romance, but if one were to go by present market movements, they would think love is in the air.

Since the beginning of the second quarter of 2019, the bulls have blessed the cryptocurrency market, pushing Bitcoin’s price from $4,000 to its current price of $9,150. Even with such a sharp turn for the better, there have been no steep falls, no hairpin bends, and no cliffs along the way.

The price chart for the collective market has been on the up-and-up, with even the worst of pullbacks not halting the bullish march. On the flipside, even positive isolated news for certain coins in the market have not resulted in major rallies. Rather, a calm sober sway up the price path is noticed. Two key tell-tales of this nonchalant, oscillation-less movement up the charts are Tron [TRX] and XRP, each with their own set of buoyant news.

Justin’s Sun’s Tron, on the back of yet another one of Justin Sun’s marvelous marketing masterpieces, was firmly at the centre of the cryptocurrency world, until Libra stole its thunder. However, the humdrum was not due to another Tesla half-kept promise, but due to him winning a charity auction for a lunch-date with none other than the Oracle of Omaha, Warren Buffett.

TRX peaked at $0.041, following the announcement of the lunch date between the investment tycoon and Sun. However, the current price is not a far cry from the aforementioned high. At press time, the 12th largest cryptocurrency in the market was trading at $0.033 and the plummet between the two price points was $0.029, implying the fact that the news did not have any larger implications on the Tron ecosystem or TRX itself.

Source: Trading View

XRP, the bank coin, also did not see a massive pump or dump following the announcement earlier this week. Ripple, the altcoin’s parent company, invested $50 million in MoneyGram, as the price of the coin spiked to $0.454 from $0.428. However with context, this pump pales in comparison to previous XRP spikes owing to announcements from the likes of Coinbase and Nasdaq, further acknowledging the fact that sober, and not erratic bulls, now dominate the cryptocurrency market.

Source: Trading View

Dovey Wan, Founding Partner at Primitive Ventures, attested to the “steady and solid” rise of the market, citing TRON and XRP. She tweeted,





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