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Litecoin [LTC] Price Analysis: Coin’s price tumbles by over 6% as high volatility ensues

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Litecoin [LTC] Price Analysis: Coin's price tumbles by over 6% as high volatility ensues
Source: Pixabay

The top ten crypto assets on CoinMarketCap flashed red, with the exception of the stablecoin Tether [USDT]. This marked a return of the bears to the coin market after almost a week. In the ensuing bear attack, Litecoin [LTC] dropped by over 6% during the day.

The silver coin posted major gains over the past week treading close to $60. However, the coin slipped below $55.23, after the bear attack.

At press time, LTC held a market cap of $3.25 billion with a 24-hour trading volume of $1.77 billion. The coin’s price stood at $55.23, after falling by 6.98%

Coineal accounted for a significant 10.83% 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 $45.32 to $54.03, and a minor downtrend from $47.77 to $46.00 were registered. The resistance for the digital coin stood at $58.42, while support for the coin was found at $47.53.

Bollinger Bands: The mouth of the bands were wide open, indicating high volatility in the coin’s price movement.

Chaikin Money Flow: The CMF continued to tread below the zero-line, indicating that money was flowing out of the coin market. Therefore, a bearish trend was predicted for LTC.

MACD: The MACD indicator also depicted a bearish pattern as the MACD line was below the signal line post a bearish crossover.

1-day

Source: TradingView

On the one-day chart, an uptrend was recorded from $22.70 to $30.73 and a major downtrend was also noted from $89.04 to $51.15. The immediate resistance was marked at $67.82, while the significant support was found at $33.61.

Parabolic SAR: The dotted markers were aligned below the candles, indicating a bullish trend for the coin’s price.

Awesome Oscillator: The closing bars of the indicator were turning red, suggesting a bearish price shift for the silver asset.

Klinger Oscillator: The reading line, post a bearish crossover, continued to drift below the signal line.

Conclusion

Most of the the short-term and long-term indicators exhibited a bearish phase for the coin, while also suggesting a period of high volatility.

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