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Analysis

Litecoin [LTC] Price Analysis: Short-term bulls tussle with long-term bears for control of market

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Litecoin [LTC] Price Analysis: Short-term bulls tussle with long-term bears for control of coin market
Source: Pixabay

Litecoin [LTC] failed to gain significant momentum and continued to tread below $60 this week. The coin, however, recently surpassed EOS to consolidate its position as the fourth largest coin on CoinMarketCap. Litecoin [LTC] was locked in the price ceiling between $55-$59, after going through minor losses earlier this week.

On 14 March, the price of LTC opened at $55.94, gradually rising to $56.32, at press time. LTC held a market cap of $3.48 billion, with a 24-hour trading volume of $1.49 billion. The token registered a slight decline of 1.05% against the US Dollar.

Coineal contributed to 9.42% of the coin’s 24-hour trading volume via the trading pair LTC/BTC.

1-hour

Source: TradingView

The hourly chart of the coin exhibited an uptrend from $45.94 to $52.42 and a minor downtrend from $56.76 to $54.82. The resistance for the coin remained at $58.40, while the support for the coin stood firmly at $45.36.

Bollinger Bands: The converging mouth of the bands indicated low volatility in the price movement of the coin.

Klinger Oscillator: Post a bullish crossover, the reading line was above the signal line.

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

1-day

Source: TradingView

The candlesticks on the one-day LTC chart exhibited an uptrend from $32.81 to $45.40, and a major downtrend from $88.79 to $51.59. The immediate resistance for the silver crypto asset was noted at $89.15, while the significant support was found at $29.92.

Parabolic SAR: The dotted lines were aligned below the candles and indicated a bullish phase for the coin.

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

MACD: After treading above the signal line, the MACD indicator sustained a bearish crossover. This suggested that LTC’s price was siding with the bear.



Conclusion

The short-term indicators pictured the coin following a bullish course with low volatility, while the long-term indicators suggested a dominant bearish market phase for LTC.





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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

Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem

Biraajmaan Tamuly

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Tron [TRX] surges 7.50% in an hour following a "Something huge" Justin Sun announcement
Source: Pixabay

Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.

Source: Trading View

According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.

The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.

Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.



He stated,

Source: Twitter

The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.





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