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Litecoin [LTC] Technical Analysis: Cryptocurrency to stay with the bears

Laira Rebecca

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Litecoin [LTC] Technical Analysis: Cryptocurrency to stay with the bears
Source: Pixabay


The price of Bitcoin [BTC] is still hovering around the $3,000 range just like the other cryptocurrencies that are facing the brunt of the bear. They have reached their all time low since 2017 December.

At the time of writing, LTC is trading at $23.62 with a market cap of $1.4 billion. The coin is currently at the 8th position by market cap and has seen significant decline of 7.4% in the past 7 days. LTC opened at $32 on 1st December, further continues to decline without showing any signs of an upward trend even after 2 weeks.

1 hour:

LTC 1-hour chart | Source: TradingView

LTC 1-hour chart | Source: TradingView

In this time frame, LTC is showing a downtrend ranging between $35.26-$24.6-$23.8 with resistance points set at $34.02 and $28.69.

The Awesome Oscillator is currently moving towards the reddish zone continuing the downtrend of LTC. The histogram is demonstrating the same trend since yesterday.

Chaikin Money Flow [CMF] has dropped below the zero line indicating that inflow of money in the LTC market is diminishing.

The Bollinger Bands are currently diverging, indicating that there are high chances of volatility in the market. Also, the candlesticks are staying slightly below the simple moving average [SMA] showing a bearish trend in the 1 hour chart.

24 hours:

LTC 1-day chart | Source: TradingView

LTC 1-day chart | Source: TradingView

The daily chart of LTC shows a desolated market with no possibility of uptrends anytime soon. The downtrend is ranging between $275.56 – $52.8 and $50.62 – $25.2. The resistance point in this time frame is set at $180.11.

The Parabolic SAR is currently forming the dotted indicators above the candlesticks pushing them further towards the bearish end.

In MACD, both the signal line and moving average is continuing its journey together in the bearish zone without any alteration. The LTC histogram also seems completely bleak at the moment.

The Relative Strength Index [RSI] is struggling to take its place back in the RSI zone. The indicator moved to the oversold section last week and continues to be in the same zone since then.

Conclusion:

The Litecoin [LTC] market is clearly depicting a negative trend with all the indicators in both the time frames constantly moving towards the bears’ grip.





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

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