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Litecoin [LTC] Price Analysis: Coin readies to breach $60-mark

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Litecoin [LTC] Price Analysis: Coin readies to breach $60-mark
Source: Pixabay

Litecoin [LTC], the fourth largest crypto asset on CoinMarketCap, consolidated its major gains over the past week. However, the silver coin was yet to breach the $60-mark.

LTC opened at a price of $56.89 and pushed to a high of $57.60, before slipping to $57.48. At press time, LTC held a market cap of $3.49 billion. The coin had a 24-hour trading volume of $1.77 billion.

Coineal accounted for 8.65% of the coin’s 24-hour trading volume, via the trading pair LTC/BTC.

1-hour

Source: TradingView

On the one-hour LTC chart, an uptrend from $46.00 to $55.90, and a minor downtrend from $47.81 to $45.99 were registered. The resistance for the digital coin stood at $60, while support for the chart was found at $47.53.

Bollinger Bands: The mouth of the bands continued to indicate a stagnant market for the digital coin.

Awesome Oscillator: The final bars of the indicator were turning green, suggesting a bullish price shift for Litecoin.

Chaikin Money Flow: The CMF was treading the zero-line, suggesting that money was flowing out of the coin market. Therefore, a bearish trend was predicted for LTC.

1-day

The candlestick arrangement on the one-day chart recorded an uptrend from $22.96 to $30.77 and a downtrend from $56.03 to $33.85. The immediate resistance was marked at $67.82. The significant support was found at $33.61.

Parabolic SAR: The dotted markers were aligned below the candles and indicated a bullish phase for LTC’s price.

Klinger Oscillator: The reading line and the signal line were undergoing a bearish crossover.

MACD: The MACD line was oriented above the reading line and suggested a bullish divergence for LTC’s price movement.

Conclusion

The indicators in the short-term gave mixed signals about the future of the coin, while also suggesting a period of reduced volatility for the coin. Contrarily, the long-term indicators for LTC suggested that another potential rally may be in the offing for the silver coin.



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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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