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Analysis

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

Priyamvada Singh

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on

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.

Analysis

XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to push market forward

Yash Rajan

Published

on

XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to move forward
Source: Pixabay

XRP, the third largest cryptocurrency, was priced at $0.383 agfter falling 1.87% over the 24 hours, according to CoinMarketCap. XRP held a market cap of $16.121 billion and registered $1.29 billion in 24-hour trading volume for XRP.

At press time, Stellar Lumens [XLM] was priced at $0.125, after falling 1.56% over the past 24 hours. It stood ninth on the top 10 list with a market cap of $19.302 billion and $844.41 million in 24-hour trading volume.

1-Day XRP

XRP saw an uptrend from $0.331 to $0.461 and a downtrend from $0.461 to $0.388. Resistances were at $0.458 and $0.420. Support lines were located at $0.371 and $0.285.

Source: TradingView

Source: TradingView

Parabolic SAR presented a bearish trend as the markers were above the candles.

Moving Average Convergence/Divergence [MACD] indicator was undergoing a bearish crossover.

Relative Strength Index showed a relatively overbought status for the coin.

1-Day XLM

On the one-day XLM chart, the resistance line stood at $0.143 and the support lines stood at $0.115 and $0.091. It saw an uptrend from $0.133 to $0.141. XLM also saw a downtrend from $0.142 to $0.125.

Source: TradingView

Source: TradingView

Bollinger Bands displayed an increase in volatility in the market as the bands were diverging.

Awesome Oscillator presented a bullish buying opportunity.

Chaikin Money Flow indicator was above the zero-line, indicating that money was flowing into the market.



Conclusion

XRP saw a fusion of bullish and bearish trends while XLM sides with the bulls after being stalled by bears for the past one month.





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