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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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