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Litecoin [LTC] Price Analysis: Coin surges by 13% as bulls consolidate their position



Litecoin [LTC] Price Analysis: Coin surges by 13% as bulls consolidate position
Source: Unsplash

Litecoin [LTC] surged by over 13% and reclaimed its previous resistance level at $50. The silver crypto-asset’s price action remained in the $45-$49 range before rallying to an opening price of $53.52 on March 6.

LTC was highly traded on OKEx via the trading pair LTC/USDT. The trading volume on the exchange constituted 5.98% for the coin’s 24-hour trading volume.

At press time, the fifth largest cryptocurrency on CoinMarketCap was valued at $52.58 and held a market cap of $3.19 billion. The 24-hour trading volume recorded by the silver coin stood at $1.23 billion.


Source: TradingView

On the one-hour chart of LTC, an uptrend from $47.88 to $52.57 was marked, while a downtrend from $52.22 to $48.72 was also noted.

The latest pump in the coin’s price may potentially push it to breach the $65-mark.

Bollinger Bands: The mouth of the band was converging post the price explosion. However, high volatility was indicated as the bands had a considerable gap between them.

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

Chaikin Money Flow: The graph spiked on the back of the LTC price break out. Though the CMF dipped, it remained above zero, indicating that money was flowing into the bullish coin market.


Source: TradingView

The one-day chart of the coin recorded an uptrend from $23.42 to $30.52, along with a major downtrend from $89.22 to $51.34. The immediate resistance was noted at $67.81. With another upswing imminent, a second resistance was marked at $88.92. The support for the coin was found at $27.70.

Parabolic SAR: The dotted markers were aligned below the candlesticks and depicted a bullish trend for the coin’s valuation.

Klinger Oscillator: The KO indicator depicted a potential bullish crossover for the coin’s price.

Awesome Oscillator: The green bars suggested a bullish price movement for LTC.


The CMF, Parabolic SAR, KO, and the AO indicators predicted a bullish momentum for the coin’s price, with BB suggesting declining volatility. However, MACD predicted the bullish momentum to stall after a bearish crossover.

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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.