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Litecoin [LTC/USD] Technical Analysis: Bear’s hunger for bulls reflected in price trend

Priyamvada Singh

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Litecoin [LTC/USD] Technical Analysis: Bear's hunger for bulls reflected in price trend
Source: Pixabay

Litecoin [LTC], which is now only the ninth-largest cryptocurrency in the world after slipping multiple spots away from the top, is still battling the bear terror.

At the time of writing, LTC was down by $1.7% wherein the coin was trading at a depreciated price of $24.6 with a market cap equivalent to $1.46 billion. Here, the total trading volume in the last 24 hours was observed to be $402.2 million.

1-hour

LTCUSD 1-hour candlesticks | Source: tradingview

LTCUSD 1-hour candlesticks | Source: tradingview

In the one-hour graph of Litecoin candlesticks, the downtrend is extending from $29 to $26 whereas the support level is set at $22. Here, the possibility of a trend breakout is not visible as the concentration is the price is absent.

The Parabolic SAR has shifted to a bearish prediction on the cryptocurrency from an earlier bullish attitude. The dots are currently aligned above the candles to show resistance against a price hike.

The Aroon Indicator was depicting a stronger uptrend earlier. Similar to the above case, the indicator is showing a weakened uptrend wherein both the trends are crashing. However, the green trend is relatively stronger at this point.

The Chaikin Money Flow is exhibiting a neutral approach as the reading line continues to walk the path of the 0-mark.

1-day

LTCUSD 1-day candlesticks | Source: tradingview

LTCUSD 1-day candlesticks | Source: tradingview

In the long-term scenario, the downtrend is extending from $89 to $55 whereas the support is set at the $53 level. The market looks volatile wherein there is no presence of price-concentration. Therefore, no breakout in trend is predicted at this moment.

The Bollinger Bands are suggesting a higher volatility in the LTC market in the future as the bands continue to diverge in opposite directions.

The Relative Vigor Index has made a bearish crossover and is moving downwards to confirm a bearish stance on the market.

The RSI has crashed into the oversold zone and is traveling the boundary as of now. This indicates a negative fate for the coin.

Conclusion

In this technical analysis, the indicators have passed their judgment, declaring war on Litecoin at the bear’s behest. The Bollinger Bands are also suggestive of a greater volatility in the price trend.



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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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