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Litecoin [LTC] Technical Analysis: Bears reign supreme as bulls struggle to contain downtrend

Jibin M George

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Source: Pixabay
Source: Pixabay

The bear looms large over the cryptocurrency horizon as markets struggle in light of the January 10 slump. Litecoin [LTC] suffered the same fate as other cryptocurrencies and has seen its price against the US Dollar fall by around 25% this month alone.

At the time of press, Litecoin [LTC] remains the eighth-largest cryptocurrency in terms of market capitalization, with a market cap of over $1.86 billion. Valued at $31.06, it also registered a 24-hour trading volume of $516 million with ZB.com contributing 7.96% of it through the trading pair LTC/USDT. LTC also has a negative growth rate of 0.24% over the past 24 hours.

1-hour

Source: TradingView

The one-hour chart demonstrated a marginal downtrend that extended from $31.353 to $31.179. This was on the back on a similarly marginal uptrend that existed from $31.088 to $31.345. The point of resistance was met at $31.367 while the closest support point holds strong at $30.984.

The Bollinger Bands are neither expanding or contracting, which suggests that volatility in the market has retained its stability and that any price movement has largely been sideways.

The Klinger Oscillator has the signal line above the reading line, indicating a bearish trend to the market.

The MACD graph has the signal line just creeping below the MACD line, indicating that despite bullish defiance, the bears have control of the market.

1-day

Source: TradingView

The one-day chart exhibits a significant downtrend from $39.329 – $32.863, a reflection of the slump that began on 10 January. It followed an uptrend that extended to a high of $40.079 on 8 January. The most recent point of resistance was met at 40.229 while bullish defiance has helped the support point at $30.447 hold firm.

The Parabolic SAR has all its markers above the candlesticks which suggests a bearish trend to the market.

The Awesome Oscillator is in the red, also indicating that the market is indeed bearish.

Finally, the Aroon Indicator has the Aroon Down line well above the Aroon Up line and closer to 100 indicating that the bearish trend is holding strong and has taken control of the market.

Conclusion

It can be concluded that a strong bearish trend is characteristic of the LTC market in the near future. Despite some bullish resistance that has stabilized its value somewhat, all indicators, whether in the short-term or long-term suggest that the bears have firm control of the LTC market.





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Altcoins

Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump

Biraajmaan Tamuly

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Source: Pixabay

The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.

Source: CoinmarketCap

At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96  million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.

Source: Trading View

According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.

Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.

Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.

At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.





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