Connect with us

Analysis

Litecoin [LTC] Price Analysis: Bulls holds long-term advantage even as coin stagnates

Published

on

Litecoin [LTC] Price Analysis: Bulls holds long-term advantage even as coin stagnates
Source: Pixabay

The fourth leading crypto asset on CoinMarketCap, Litecoin [LTC], made a bull run following a brief foray below $55. Litecoin managed to be one of the best performing digital assets in the top 10 coin list, at press time. On March 12, the price of LTC rallied to $56.32, gradually rising during the latter part of the day.

At press time, LTC held a market cap of $3.46 billion with a 24-hour trading volume of $1.50 billion. The coin’s price stood at $57.00, with a gain of 5.58%.

Coineal continued to account for a significant 8.5% of the coin’s 24-hour trading volume, via the trading pair LTC/BTC.

1-hour

Source: TradingView

LTC’s one-hour chart exhibited an uptrend from $46.00 to $52.36, and a minor downtrend from $47.81 to $46.58. The resistance for the crypto-coin was marked at $58.38. LTC was expected to breach the $60-mark as the support for the coin was found at $47.57.

Bollinger Bands: The mouth of the bands indicated stagnant price movement for the coin.

Awesome Oscillator: The closing bars of the indicator were red, indicating bearish price momentum for Litecoin [LTC].

Klinger Oscillator: The KO indicator underwent a bullish cross-over.

1-day

Source: TradingView

The one-day LTC chart noted an uptrend from $32.81 to $45.61 and a significant downtrend from $89.15 to $39.21. The immediate resistance for the silver crypto asset was marked at $67.69, while significant support was found at $31.57.

Parabolic SAR: The dotted markers were aligned below the candles, suggesting bullish price pattern for the coin.

Chaikin Money Flow: The CMF was above the zero-line, indicating that money was flowing into the coin market. Therefore, bullish price movement was predicted for LTC.

MACD: The MACD indicator also sided with the bulls as the MACD line was above the signal line.

Conclusion

The short-term indicators pictured a stagnant price for LTC, while the long-term indicators suggested a bullish course for the coin.



Follow us on Telegram | Twitter | Facebook



Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

Trending