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Litecoin [LTC] Price Analysis: Token exhibits bullish momentum as prospect of the bear looms

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Litecoin [LTC] Price Analysis: Silver token exhibits bullish momentum as prospect of the bear looms
Source: Unsplash

Litecoin [LTC] stands tall as the fourth-largest digital asset on the CoinMarketCap replacing EOS. The silver crypto coin was one of the best performers during the huge surge last weekend. LTC managed to successfully rally up against its resistance.

The digital coin opened at a high of $46.88, reached a low of $42.40 before closing down at a value of $43.18. The volume of LTC traded during the day accounted $1.3 billion.

During the last 24 hours, the pair LTC/BTC has been trending at four exchanges. The pair has been leading at OKEx sweeping a volume of $74.14 million, priced at $43.71. This was followed by Coineal, where the volume traded was registered at $62.04 million, valued at $43.72. The pair was trending third at Dobi Exchange with a volume of $61.93 million at $43.73. Additionally, LTC/BTC reposed at DigiFinex with a volume of $55.19 million at $43.75.

At the time of writing, LTC had been trending at a market cap of $1.3 billion, priced at $43.39. The volume of the digital coin being traded during the past 24 hours stood at $1.16 billion, with a slump of 2.16%.

1-hour:

Source: TradingView

LTC exhibited an upward trend from $33.42 to $43.04 and a downtrend from $46.48 breaking the resistance, then falling to $43.36 in the hourly chart. The resistance is marked at $43.95 and the support at $42.10.

Bollinger Bands: The converging BB suggests low volatility in the price momentum for the coin.

Awesome Oscillator: The lines turning red in AO indicator predicts a possible bearish pattern for the coin.

Chaikin Money Flow: The CMF graph is above the zero-line indicating the coin’s valuation entering a bullish zone.

1-day:

Source: TradingView

LTC showed an uptrend from $55.94 to $33.13 and a downtrend from $46.49 to $32.16. The resistance for the one-day chart has been recorded at $49.31 and that of support at $30.60.

Parabolic SAR: The dotted lines aligned below the candles predicts a bullish pattern for the coin’s valuation.

MACD indicator: The MACD line is above the signal line, further suggesting LTC following a bullish trend.

Klinger Oscillator: The KO indicator suggests a potential bearish cross-over.

Conclusion:

The AO in the hourly chart and KO in the one-day chart predicts the coin steering itself toward the bear zone, however, the CMF, Parabolic SAR and MACD indicator sides with the bull.

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