Connect with us

Analysis

Litecoin [LTC] Price Analysis: Silver coin’s future in limbo as bears and bulls fight for dominance

Avatar

Published

on

Litecoin [LTC] Price Analysis: mixed signals projected by the digital silver
Source: Pixabay

The coin market could possibly undergo another dip before a fresh rally by the end of this week. After trading upwards for quite some time, the fourth largest cryptocurrency on the CoinMarketCap, Litecoin [LTC], fell below the $60-mark.

On March 19, the opening price rebounded at $59.40, but rallied to $60.70.

At press time, the crypto asset held a market cap of $3.62 billion and was priced at $59.43. The digital silver registered a 24-hour trading volume of $1.87 billion. LTC witnessed a decline of 1.79% in the past 24 hours, while a growth rate of 4.86% was recorded over the past seven days.

Coineal continued to contribute most to the coin’s 24-hour trading volume, providing 7.36% via the trading pair LTC/BTC.

1-hour

Source: TradingView

LTC’s one-hour chart exhibited a huge uptrend from $52.39 to $58.82 and a minor downtrend from $61.40 to $59.28, which can be attributed to the recent dip in the coin’s price despite a brief 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 pictured a stagnant price market for the coin.

MACD: The MACD line continued to lay low post a bearish crossover.

Awesome Oscillator: The closing bars of the indicator were red, pointing to a bearish price momentum for Litecoin.

1-day

Source: TradingView

The one-day chart for Litecoin showed an uptrend from $32.84 to $45.80, and a longer downtrend from $83.85 to $63.21. A second downtrend from $55.84 to $34.14 was also seen. Immediate resistance for the crypto asset was marked at $77.84, while the immediate support firmly stood at $30.62 and $22.85.

Parabolic SAR: The dotted markers were below the candlesticks, indicating a bullish phase for the coin.

Chaikin Money Flow: The CMF was well above the zero-line, and indicated money flow into the coin market. A bullish price trend was predicted for the silver crypto asset.

Klinger Oscillator: The reading line was below the signal line post a bearish crossover.



Conclusion

The short-term indicators for Litecoin sided with the bear and further exhibited a stable market for Litecoin, while the long term indicators projected bullish signals.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

Bitcoin

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

Avatar

Published

on

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

RESISTANCE

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.

PSYCHOLOGY

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].





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending