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Litecoin [LTC/USD] Technical Analysis: Bull takes a short term lead but bear seems to win the race

Priya

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Litecoin [LTC/USD] Technical Analysis: Bull takes a short term lead but bear seems to win the race
Source: Unsplash

Litecoin [LTC], the ninth-biggest cryptocurrency by market cap, continues to take the bear’s blows. Nonetheless, the coin showed signs of resistance as it successfully landed attacks on the bear, earlier this week.

According to CoinMarketCap, at press time, Litecoin was trading at $29.73 with a market cap of 1.76 billion. The coin has a trading volume of $538.04 and has witnessed a significant downfall of 12.24% in the past seven days.

One-hour

Litecoin [LTC] one hour price chart | Source: Trading View

Litecoin [LTC] one hour price chart | Source: Trading View

In the one-hour chart, the coin has a downtrend from $41.66 to $31.68, which continues to fall to rest at $29.77. The chart also pictures an uptrend from $27.34 to $28.76. It has an immediate support at $30.22 and a strong resistance at $35.34. The coin has an immediate support at $28.20. Succeeding which, the coin has gained a strong support level at $27.24.

Chaikin Money Flow is currently showing a bullish wave as the line is above the zero line, demonstrating that the money is flowing into the market.

Parabolic SAR is also on the bull’s side of the market as the dots have aligned below the candlesticks with an aim to push the coin upwards.

Bollinger Bands are forecasting a less volatile market as the bands have started to contract for the coin in the market.

One-day

Litecoin [LTC] one-day price chart | Source: Trading View

Litecoin [LTC] one-day price chart | Source: Trading View

In the one-day chart, the coin pictures a sharp downtrend from $121.62 to $55.88. It also pictures another downtrend from $51.60 to $28.60. The coin has an immediate resistance at $42.05 and a strong resistance at $89.20. It also has a support at $28.47.

RSI is showing a bearish trend as the selling pressure for the coin is more than the buying pressure.

MACD is picturing the coin in the bear’s shelter as the moving average line has made a bearish crossover.

Klinger Oscillator is on the same line as the MACD as the reading line has made a bearish crossover.

Conclusion:

The bull has gained the support of Parabolic SAR and CMF from the one-hour chart. However, the bear is still a winner in the long-term as it has gained the support of RSI, MACD, and Klinger Oscillator from the one-day chart.



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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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