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Litecoin [LTC] Price Analysis: Bullish movement imminent as token exhibits positive price fluctuation

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Litecoin [LTC] Price Analysis: Bullish movement imminent as token exhibits positive price fluctuation
Source: Pixabay

The fourth largest coin on CoinMarketCap, Litecoin [LTC] was trading within the $59-$63 range last week, witnessing significant surges that breached the coin’s resistances. The bulls, however, failed to push the coin above the anticipated $65 mark.

At press time, the crypto asset held a market cap of $3.67 billion and was priced at $60.16. The digital silver registered a 24-hour trading volume of $1.66 billion. LTC exhibited a growth of 1.66% against the US dollar over the past 24 hours, while it fell by 1.50% over the past seven days.

Coinall contributed the highest trading volume for the coin, accounting for 9.10% via the LTC/BTC trading pair. It was followed by Coinall with 4.88% of the trading volume.

1-hour

Source: TradingView

Litecoin’s one-hour chart exhibited an uptrend from $58.85 to $60.98, while another uptrend from $57.34 to $60.85 was later recorded after a brief bear run. A small downtrend from $62.90-$60.83 was registered on the chart. The support for the coin was found at $56.74, while the resistance was at $65.

Bollinger Bands: The mouth of the bands depicted growing volatility in LTC’s price movement.

Awesome Oscillator: The closing bars of the indicator were green, indicating bullish price momentum for Litecoin.

Klinger Oscillator: Post a bearish crossover, the reading line continued to tread below the signal line.

1-day

Source: TradingView

The candlestick arrangement on LTC’s one-day chart exhibited an uptrend from $32.79 to $45.68, and a longer downtrend from $55.82 to $34.08. The immediate resistance for the digital asset was marked at $67.78, while the immediate support stood firmly at $30.55 and $24.10.

Parabolic SAR: The dotted markers were below the candlesticks and predicted a bullish movement for the coin.

Chaikin Money Flow: The CMF continued to tread well above the zero-line, indicating money inflow into the LTC coin market. Hence, a bullish price trend was predicted for the coin.

MACD: Post a bearish crossover, the MACD line was treading below the signal line.



Conclusion

The short-term indicators for Litecoin [LTC] exhibited mixed signals, with significant volatility and potential price breakouts being predicted. The long-term indicators projected bullish pattern for the digital crypto’s price.





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Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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