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Litecoin [LTC/USD] Technical Analysis: Cryptocurrency to recover from the unforeseen bear attack

Laira Rebecca

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Litecoin [LTC/USD] Technical Analysis: Cryptocurrency to recover from the unforeseen bear attack
Source: Pixabay

The cryptocurrency market has witnessed a sudden fall in the past 24 hours, wherein Bitcoin [BTC] has dropped below the $4000 mark. At press time, Litecoin [LTC] is trading at $33.26 with a market cap of $1.9 billion. The daily statistics of LTC is showing a loss of 4.9%, however, the cryptocurrency is still flashing green on the weekly chart with a 3% gain.

1-hour:

LTC 1 hour chart | Source: TradingView

LTC 1 hour chart | Source: TradingView

The hourly chart of Litecoin shows a massive downtrend from $41.6 – $39.8 and $36.557 – $33.54. The sudden price fluctuation has created strong resistance points at $39.7 and $41.6. Also, in this timeframe, there is a slight uptrend ranging between $32.4 and $33.1 with a support point at $33.

The Parabolic SAR has shown an unforeseen fall a few hours back by pushing the candlesticks downwards. However, the indicator is currently forming the dots below the candlesticks depicting a slight recovery from the major fall.

Chaikin Money Flow has maintained its position above the zero line even when the price dropped and continues to be at a positive level. Thus indicating that there is an ample amount of incoming assets in the LTC market.

The MACD has also taken a bearish crossover a few hours back. It can be noticed that the moving average line has now taken a bullish crossover and it is currently moving upwards along with the signal line.

24 hours:

LTC 1 day | Source: TradingView

LTC 1 day | Source: TradingView

The daily statistics of Litecoin shows a downtrend extending from $74.7 – $40.2 with resistance points set at $66.8 and $56.34. In this timeframe, the cryptocurrency is also depicting a potential uptrend extending from $23.4 – $33.3.

The Aroon Indicator is showing the dominance of uptrend as the Aroon up line has touched the 100-line. The Aroon down line has reached the 0 level indicating a bullish momentum for the cryptocurrency.

The Relative Strength Index is currently moving within the RSI zone, indicating that the inflow of money in the LTC market is stable in this timeframe.

The Awesome Oscillator is showing a slight transition to red bars, however, it has maintained the formation of the bars above the zero line. This indicates that there is not much fluctuation in the price of the cryptocurrency.

Conclusion:

The technical analysis demonstrates that though LTC suffered from a major downfall in the short term, the indicators are in favor of a fast recovery and a long term bullish run.





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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.

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Altcoins

Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump

Biraajmaan Tamuly

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Source: Pixabay

The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.

Source: CoinmarketCap

At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96  million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.

Source: Trading View

According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.

Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.

Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.

At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.





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