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Litecoin [LTC/USD] Technical Analysis: Bear leading the election against the bull

Priya

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Litecoin [LTC/USD] Technical Analysis: Bear leading the election against the bull
Source: Unsplash

Litecoin [LTC], the seventh-largest cryptocurrency by market cap, has once again made records by hitting the lowest point in terms of price ever since it boomed in the market in early 2018. After hitting its all-time high in January, the coin has been on a free fall with all the other cryptocurrencies in the market such as Ethereum [ETH] and Monero [XMR]. Nonetheless, the cryptocurrency was sparked green today, post the week’s bloodbath.

According to CoinMarketCap, at press time, Litecoin [LTC] is trading at $43.29 with a market cap of $2.56 billion. The cryptocurrency has a trading volume of $487.79 million and has seen a hike of 2.42% in the past 24 hours.

1 hour:

Litecoin [LTC] one-hour price chart | Trading View

Litecoin [LTC] one-hour price chart | Trading View

In the one-hour chart, the coin shows an uptrend from $39.66 to $42.22 and a strong downtrend from $49.43 to $42.72. The coin has an immediate resistance at $43.47 and a strong resistance at $50.11. The seventh-biggest cryptocurrency has an immediate support at $41.56 and a strong support at 39.65.

Parabolic SAR is currently showing a bullish wave as the dots have aligned below the candlesticks.

Bollinger Bands are depicting a less volatile market as the bands are contracting, predicting that a massive price movement might not occur in the market for the cryptocurrency.

The Chaikin Money Flow indicator is showing that the coin is currently in the bull’s realm. The CMF line is above the zero line. However, it is also showing that the bear could capture the coin as the line is moving south.

1 day:

Litecoin [LTC] one-day price chart | Source: Trading View

Litecoin [LTC] one-day price chart | Source: Trading View

In the one-day chart, the coin shows a short uptrend from $48.45 to $51.65. The cryptocurrency also shows a downtrend from $117.74 to $55.88. Litecoin has an immediate resistance at $55.92 and a strong resistance at $89.22. The current strong support for the coin is at $40.15, which was created last year. The coin has broken all the support levels for this year.

MACD shows a bearish trend as the moving average line is below the signal line.

RSI is forecasting a trend reversal as the coin, which is currently in the bear’s shelter, is over bought in the market.

Klinger Oscillator is also approving the bear’s rule as the reading line was well below the signal line.

Conclusion:

The bear are currently leading in the market with three votes to the bull’s two votes. The bull got the votes from the Parabolic SAR and the CMF from the one-hour chart and bear gained the votes from MACD, RSI and the Klinger Oscillator from the one-day chart.



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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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