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

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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.

1-hour

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.

1-day

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.

Conclusion

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.

Analysis

EOS rises by over 6%; Ripple’s XRP and Ethereum follow suit prompted by Bitcoin’s rally

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EOS rises by over 6%; Ripple's XRP and Ethereum follows suit prompted by Bitcoin's rally
Source: Pixabay

Bitcoin, the largest cryptocurrency by market cap breached the $9,000-mark anchoring another market spin towards the bulls. The collective market cap stood at $285 billion, at press time.

EOS:

Since the onset of 2019, Block.one, the parent firm of EOS had rolled out several significant technological upgrades on its EOS blockchain. Even as the price movement was underwhelming for the most part of the year, the sixth largest digital asset by market cap, EOS gained strong market support. At press time, EOS climbed by 6.11% and stood at a price of $7.13 with a market cap of $6.5 billion. The trading volume recorded for the past 24 hours was $2.55 billion.

Source: TradingView

Ethereum:

With the much-anticipated Ethereum 2.0 blockchain rollout, the second largest cryptocurrency, on CoinMarketCap, garnered gained bullish momentum against the US Dollar. At press time, ETH rose by 3.67% over the past 24 hours and was priced at $275.1. The digital asset registered a market cap of $29.3 billion and a 24-hour trading volume $8.49 billion. Additionally, 4.2% of the trading volume was recorded at ZBG via the trading pair ETH/USDT.

Source: TradingView

Ripple:

Ripple’s focus has always been disrupting cross-border payment space following which the Brad Garlinghouse-led firm introduced new technologies, features, and network updates. Its native token, XRP, significantly leveraged from the recent developments as well as the market recovery steered by BTC.

At press time, the third largest digital coin was valued at $0.42 after posting 3.41% gains in the past 24-hours. XRP held a market cap of $17.92 billion and registered a 24-hour trading volume of $1.5 billion. 4.4% of XRP was being traded at ZBG via XRP/USDT.

Source: TradingView





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