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

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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.

1-hour

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.

1-day

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.

Conclusion

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.

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