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Litecoin [LTC] Price Analysis: Token’s future remains bearish despite bullish activity in the short-term

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Litecoin [LTC] Price Analysis: Token's future remains bearish despite bullish activity in the short-term
Source: Pixabay


The fourth largest coin on CoinMarketCap, Litecoin [LTC], breached the $60 mark, despite minor slip ups in the bull run.

At press time, the coin held a market cap of $3.69 billion and was priced at $60.45. The digital silver registered a 24-hour trading volume of $2.01 billion. LTC exhibited a minor loss of 0.41% against the US dollar over the past 24 hours. Additionally, it fell by 1.30% over the past seven days.

Coineal contributed the highest trading volume for the coin, accounting for 7.67% of the total trading volume via the LTC/BTC pair. It was followed by Coinall with 7.45%, and DigiFinex with 5.38%, respectively.

1-hour

Source: TradingView

Litecoin’s one-hour chart exhibited a long uptrend from $55.91 to $57.77. A downtrend from $61.40 to $59.28, along with two minor downtrends between $59.59 – $58.47 and $60.44 – $59.44 were registered on the chart. The support for the coin was found at $55.47, while the resistance was at $65.

Bollinger Bands: The mouth of the bands depicted growing volatility in LTC’s price movement.

Awesome Oscillator: The closing bars of the indicator were green, indicating bullish price momentum for Litecoin.

Chaikin Money Flow: The CMF was above the zero-line, indicating money flow into the LTC coin market and hence, a bullish market.

1-day

Source: TradingView

On LTC’s one-day chart, an uptrend from $32.83 to $45.68, and a longer downtrend from $55.82 to $33.96 were seen. The immediate resistance for the digital asset was marked at $63.06, while support points were found at $30.55 and at $22.91.

Parabolic SAR: The dotted markers were below the candlesticks, predicting bullish movement for the coin.

Klinger Oscillator: The reading line was below the signal line and pictured a bearish trend for Litecoin.

MACD: The MACD line was also below the signal line, reiterating the bearish projection.

Conclusion

The short-term indicators for Litecoin [LTC] projected a bullish market and potential price breakouts. The long-term indicators however, projected a strong bearish phase for the silver 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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