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Litecoin [LTC/USD] Technical Analysis: Cryptocurrency to move along with the bulls on a long run

Laira Rebecca

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Litecoin [LTC/USD] Technical Analysis: Cryptocurrency to move along with the bulls on a long run

The cryptocurrency market seems to have recovered from the bearish hit after Bitcoin [BTC] crossed the $4,000 mark this Sunday. Most of the digital assets have shown a significant surge in the past week. Litecoin [LTC] is one of the top gainers for the week with a massive 31.5% hike.

At press time, LTC is trading at $40.53, with a market cap of $2.4 billion. The cryptocurrency is currently at the sixth spot in the market list right below EOS. It has also shown 6.2% hike in the daily statistics. About 10% of the trading volume is seen to be on an exchange named Bit-Z for LTC/BTC trading pair.

1-hour

LTC 1 hour chart | Source: TradingView

LTC 1 hour chart | Source: TradingView

The hourly chart of LTC is showing a significant uptrend ranging between $33.62 – $40.65 – $41.76, with a support point set at $29.63.

The Parabolic SAR has been depicting a fusion of upward and downward trend from the time LTC was on its sideways movement. However, the indicator is currently forming the dots below the candlesticks showing a bullish trend.

The Awesome Oscillator is demonstrating a bullish trend for LTC as the green spikes are picking up the momentum right now.

Chaikin Money Flow is moving upwards indicating that there is a strong inflow of money in the LTC market compared to yesterday’s market scenario.

1-day

LTC 1 day chart | Source: TradingView

LTC 1 day chart | Source: TradingView

The daily chart of Litecoin [LTC] shows a downtrend extending from $176.76 – $40.2 and an uptrend from $24.03 – $28.03 – $38.05. Also, the resistance is formed at $96.28 and $117.8.

The Bollinger Bands is depicting a bullish momentum for the cryptocurrency as the candlesticks are forming above the moving average line.

The MACD has taken a bullish crossover wherein, both moving average and signal line is moving upwards.

The Relative Strength Index shows that the buying pressure is higher than the selling pressure in this timeframe as the indicator is moving towards the overbought zone.

Conclusion

All the indicators are demonstrating a strong bullish trend, in the case of Litecoin. However, the diverging Bollinger Bands indicate that there are chances of slight volatility in the market.





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

Altcoins

Tron [TRX] surges by over 6% as token storms back into the top 10

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Tron [TRX] price surges by over 6% as token back in top 10 as bulls take control
Source: Pixabay

Tron’s [TRX] price was surging, even as the cryptocurrency market cooled down following a brief rally anchored by Bitcoin [BTC]. The collective market cap stood at $324 billion. Following the surge, the token was back among the top 10 coins of the cryptocurrency market, a month after CEO Justin Sun promised the same. His tweet had said,

“#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2! Let’s wait and see! #BTT $BTT $TRX #TRX”

However, despite the fact that Tron’s native token was prospering, BitTorrent [BTT] was still down at the 35th position on CoinMarketCap.

Despite low trading volume lately, TRX gradually climbed to break its resistance at $0.035. The latest bullish swing was speculated to lead TRX to breach the much-awaited $0.04 resistance.

Tron’s climb up the charts and into the top 10 is a surprise for some, especially since Tron overtook Cardano. The Charles Hoskinson-led crypto is still on a high after recent updates in its ecosystem, including the Shelly testnet going live.

Tron however, has not being standing idly. Recently, CEO Justin Sun revealed that Tron’s DApp trading volumes has exceeded those of EOS and Ethereum. Further, the Tron Foundation recently released a version of the Odyssey update on its mainnet. Further, Tron’s blockchain saw the release of a USD-backed stablecoin by Carbon recently.

Tron [TRX] 1-hour chart

Source: TradingView

Tron was up by 6.40% over the past 24 hours, driving its valuation to $0.039. Additionally, the digital asset rose by 3.7% over the last hour, at press time. TRX registered a market cap of $2.58 billion and a 24-hour trading volume of $900 million. The exchange with the highest TRX trading volume was BW.com, contributing 9.52% to the volume via the TRX/USDT trading pair.





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