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Litecoin [LTC/USD] Technical Analysis: Bear to butcher any hope of green future?

Priyamvada Singh

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Litecoin [LTC/USD] Technical Analysis: Bear to butcher any hope of green future?
Source: Pixabay

Litecoin [LTC], in the recent days, has undergone progress on the market front as it reclaimed its spot on the seventh position, leaving Bitcoin Cash [BCH] and Bitcoin SV [BSV]. At the time of writing, the token was up by 0.32% wherein it was trading at a price of $23.6, with a market cap equivalent to $1.4 billion. The 24-hour trading volume was recorded at $320.4 million.

1-hour

LTCUSD 1-hour candlesticks | Source: tradingview

LTCUSD 1-hour candlesticks | Source: tradingview

In the one-hour candlesticks, LTC is experiencing a downtrend of $30.2 to $24.4 wherein the first support set at $23.3 was breached by a lower point at $23. The downtrend is forming a descending triangle with the support to depict a decline in the market.

The Parabolic SAR is currently bullish on the Litecoin. The dots are aligned below the price candles acting as a support for the cryptocurrency.

The Aroon indicator is neutral on the cryptocurrency as it advocates a sideways movement for the coin. Although the green trend is stronger than the red trend to give an edge to the uptrend.

The Awesome Oscillator is disagreeing with the above indicators, leaning more towards a bearish speculation for the price trend.

1-day

LTCUSD 1-day candlesticks | Source: tradingview

LTCUSD 1-day candlesticks | Source: tradingview

In this timeline, the candlesticks are witnessing a steep downtrend that extends from $88.5 to $56 whereas the support is suspended at $29.3. As can be observed, there is no possibility of a trend breakout in the longer timeline.

The Bollinger Bands have just diverged from each other to give way to price fluctuation. A higher volatility is expected in the LTC market.

The  Chaikin Money Flow hit the bearish zone a few days back and is still traveling in the lower part of the graph to predict a red trend.

The RSI has entered the oversold zone to depict a bearish presence in the LTC market. However, since the indicator is traveling inside the zone, a trend reversal might take place soon.

Conclusion:

In this technical analysis, most of the indicators used above are bearish on the market and are supporting a negative price trend in the future. The Bollinger bands are showing a higher fluctuation on the LTC chart.



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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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