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Litecoin [LTC] Price Analysis: Prices hold as coin remains under bear’s control

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Litecoin [LTC] Price Analysis: Prices hold as coin remains under bear's control
Source: Pixabay

Litecoin, the fifth largest crypto asset on CoinMarketCap with respect to market capitalization was struggling to breach the $50-mark since last week. After trading at a high of $48.65, the silver coin fell to a low of $45.55 on March 4, subsequently recording a closing value of $46.83.

LTC was highly traded on Coineal via the trading pair LTC/USD. Coineal’s LTC trading volume constituted 5.92% of the coin’s total 24-hour trade volume.

At press time, LTC was priced at $46.59 and held a market cap of $2.89 billion. It had a trading volume of $1.23 billion and had fallen in value against the US Dollar by 1.85% in the past 24 hours.

1-hour

Source: TradingView

On the one-hour chart of LTC, an uptrend from $43.78 to $47.53 was marked, while a major downtrend from $52.33 to $48.65 was also noted.

LTC’s price remained below the immediate resistance level of $48.67. A second resistance was marked at $52.33 and a support was found at $43.74.

Bollinger Band: The mouth of the band was converging, indicating low price volatility.

Chaikin Money Flow: The CMF line was below zero and depicted a bearish phase for the coin with money flowing out of the market. However, a breakout could occur soon.

Awesome Oscillator: A few bars in the green suggested a mix of bearish and bullish signals for the coin.

1-day

Source: TradingView

LTC registered an uptrend from $23.26 to $30.82 and a significant downtrend from $55.76 to $34.16 on the one-day chart. The immediate resistance was noted at $55.88 and the support for the coin was found at $41.23.

Parabolic SAR: The dotted markers were oriented above the candles and indicated a bearish pattern for the coin’s valuation.

Klinger Oscillator: The reading line was aligned below the signal line and indicated a bearish trend for LTC’s price.

MACD: The MACD indicator also sided with the bear with the signal line hovering above the MACD line.

Conclusion

Most of the indicators, including the CMF, Parabolic SAR, KO and the MACD, suggested that Litecoin was deep inside the bear’s territory. However, the AO indicator predicted a bullish phase for the coin.



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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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