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.

Partner

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement