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.
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.
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.
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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