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.
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.
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.
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.
Subscribe to AMBCrypto’s Newsletter
XRP and XLM Price Analysis: Rival coins show bearish pressure of slightly different magnitudes
Monero [XMR] paired with Bitcoin [BTC] and Ethereum [ETH] on KuCoin
Bitcoin [BTC]: Nouriel Roubini connects the fall of ‘criminal ICOs’ to the fall in BTC and ETH prices
Bitcoin [BTC] and Ethereum [ETH] spend millions to secure network against 51 percent attacks
Ethereum [ETH]’s Vitalik Buterin says he is ‘pretty sure’ that more ERC20 tokens will be released
Craig Wright’s Twitter account suspended after threatening harassment and libel lawsuits
Bitcoin [BTC] critic Agustin Carstens warns against central banks issuing virtual currencies
Qtum partnership with Zeus enables users to trade cryptocurrency on Apple Pay, Samsung Pay
Bitwise’s report to SEC suggests unregulated crypto exchanges fake 95% of Bitcoin [BTC] trading volume
Tron [TRX] DApp Weekly report: Justin Sun’s cryptocurrency lays down claims that Tron is better than Ethereum and EOS
Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report
- Bitcoin Cash
Bitcoin Cash [BCH] advocate Roger Ver shows his support for Silk Road founder Ross Ulbricht again
Ethereum [ETH] core dev clarifies acceptance of ProgPow in future hard forks
Bitcoin Lightning Network will never be production ready, says Bitcoin Cash [BCH] proponent Rick Falkvinge