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Litecoin [LTC] Price Analysis: Potential price rally forecast even as coin exhibits bearish momentum




Litecoin [LTC] Price Analysis: potential price rally predicted even as token exhibits bearish future
Source: Pixabay

The fourth largest coin on CoinMarketCap, Litecoin [LTC], was trading above $60, at press time. LTC emerged as one of the winners in the recent market surge, and the coin has doubled in value since the beginning of the year.

At press time, the crypto asset held a market cap of $3.67 billion, and was priced at $60.50. The digital silver registered a 24-hour trading volume of $1.85 billion. LTC exhibited a growth of 1.71% against the US dollar in the past 24 hours, while a growth rate of 7.23% was recorded over the past seven days.

Coineal continued to contribute significantly to the coin’s 24-hour trading volume, providing 7.86% of the total trade volume via the LTC/BTC trading pair. Coineal was followed by DigiFinex and Coinall with 5.82% and 4.48% of the trading volume, respectively.


Source: TradingView

LTC’s one-hour chart exhibited a minor uptrend from $52.39 to $55.44, and another uptrend from $55.86 to $60.29. The minor downtrend from $61.40 to $59.28 can be attributed to the latest dip in the coin’s price, following a bullish recovery. The immediate resistance was at $65. The support for the coin was found at $52.39.

Bollinger Bands: The mouth of the bands depicted a volatile future for the coin’s price in the short term.

Awesome Oscillator: The closing bars of the indicator were red, and indicated bearish price momentum for Litecoin.

Chaikin Money Flow: The CMF continued to tread above the zero-line, indicating that the money was flowing into the coin market. Hence, a bullish price pattern was predicted for the silver crypto asset.


Source: TradingView

The candlestick arrangement on the one-day chart of LTC showed an uptrend from $32.84 to $45.63, and a major downtrend from $83.85 to $33.98. Immediate resistance for the crypto asset was marked at $88.55, while the immediate support firmly stood at $28.84.

Parabolic SAR: The dotted markers were below the candlesticks, suggesting that the coin was following a bullish trail.

Klinger Oscillator: The reading line was below the signal line, posting bearish pattern for the crypto coin.

MACD: The MACD indicator suggested a potential bearish crossover.


The short-term indicators for Litecoin projected mixed signals, with a hint of potential breakouts. However, a majority of the long-term indicators sided with the bear.

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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.


Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises




Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View


The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.


The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.

Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].

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