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Litecoin [LTC] Price Analysis: Token’s value collapses 1.05% despite bullish inkling

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Litecoin [LTC] Price Analysis: Token's value collapses 1.05% despite bullish inkling
Source: Pixabay

The former fourth-largest coin on the CoinMarketCap, Litcoin [LTC], slipped a spot lower, succumbing to EOS’ price spike in price. Currently, LTC sits at the fifth position, after putting on a major show last weekend.

The price of the silver coin climbed to $44.51, transcending previous resistance during the early hours of February 13. Later the same day, the coin’s valuation fell near the support zone of $42.10.

The price recorded for the previous day opened at $43.17 climbing to $44.14. The low registered for the day was at $42.54 before closing at $43.94. The volume of the digital coin traded during the day accounted for $1.09 million.

The pair LTC/BTC led the queue at DOBI Exchange at $42.69, sweeping a volume $60.30 million being traded during the last 24 hours. Coineal stood next with a volume of $54.52 million being traded across the exchange at a value of $42.68. This was followed by OKEx trending third at a volume of $42.72 million at a valuation of $42.68.

At the time of writing, Litecoin was trading at a market cap of $2.58 billion with a value of $42.80. The circulation volume accounted for $1.08 billion. A decline of 1.05% was exhibited by the silver coin over the day.

1-hour

Source: TradingView

An upward trend from $33.55 to $43.30 and a downtrend from $46.57 to $43.31 had been recorded by the coin in the hourly chart. The resistance is marked at $43.72 and support is at $41.02.

Bollinger Bands: The BB indicator shows a slight expansion. This predicts an odds-on price fluctuation of the coin.

MACD Indicator: The MACD line is below the signal line, indicating a bearish trend for the coin’s valuation.

Klingor Oscillator: The KO indicator currently in the bear zone, points towards a potential bullish cross-over after a bear phase for LTC.

1-day:

Source: TradingView

Parabolic SAR: The dotted line aligned below the candles predicts the coin to follow a bullish trait.

Awesome Oscillator: Additionally, the lines turning green in AO indicator also depicts a bullish phase for LTC.

Chaikin Money Flow: The CMF graph is still above the zero-line further indicating a bullish trend for the coin’s value.



Conclusion:

The hourly chart for LTC by MACD and KO predicts the coin hovering in bear’s territory along with a hint of price volatility. While the indicators- Parabolic SAR, AO and CMF for the 1-day chart fleeing to the bull’s zone after the brief collapse.

 

 

 

 





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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.

Altcoins

Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out of ‘saucer bottom’ pattern

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Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out out of 'saucer bottom' pattern
Source: Unsplash

Binance Coin [BNB] is nothing short of becoming the best performing crypto asset of 2019, as it creates higher highs every day. In a recent surge, BNB went up by approximately 12% in 24-hours breaking out of the ‘saucer bottom’ pattern.

BNB has been on a bull run since December 2018, it has surged by approximately 470% since that point. In the last 24-hours, the price was up by approximately 12% from wick-to-wick.

Source: TradingView

Moreover, the rise in the price over the day can be attributed to the announcement by Binance DEX, that was launched recently. The tweet read:

The new update will convert the BNB, which is an ERC20token, into BEP2, it will be called the “mainnet swap”. Furthermore, users have to convert their ERC20 tokens on Binance, the details of which will be released in the near future.

In addition, Mithril, a cryptocurrency project has announced that it will be the first project to migrate to the Binance Chain. It tweeted:



“$MITH token holders on the new @Binance_DEX will be the first to experience increased speed, security, and user friendliness while maintaining full control over their funds.”

A Twitter user, @carlitosblvd123, commented:

“So , all BNB we have now like erc20 in binance exchange and on trust wallet will be converted to bep2 automatically or we have to do anything to happen?”

@jigneshon, another Twitter user commented:

“Crypto Revolution will happen on 23rd April when Binance Chain Genesis block will be created. 🔥”





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