The cryptocurrency market has taken a volatile approach again where all the big coins are acting out in their way post a sideways haul.
At the time of writing, Litecoin [LTC], the seventh largest coin in the world was trading at $54.22 with a market cap of $3.2 billion. The coin was floating in the green zone and was up by 1.22% with a total 24-hour trading volume of $371 million.
In the 1-hour LTC chart, the candlesticks are seeing the resistance level set at $55.2. The support line is extending from $50.73 to $53.81, marking a rally in the Litecoin price trend. However, a trend breakout is not visible as of yet.
The Bollinger Bands are widening its gap to give rise to market volatility. It is evident that the Litecoin market is going to fluctuate more vigorously than before.
The RSI bounced back after crashing into the overbought zone and is currently taking an uphill road again. Hence, the indicator is bullish on LTC price trend.
The Chaikin Money Flow has given a nod to the above prediction and is climbing up to cross the 0-mark.
In this scenario, the downtrend is ranging from $63.22 to $53.97 whereas the support is set at $48.47. Since September, Litecoin has broken two major supports set at $51.58 and $50.55, respectively. The candles are forming a descending triangle in the LTC market, detecting a severe downtrend.
The Parabolic SAR is bullish on the cryptocurrency. The dots are flashing a green sign, currently aligned below the candlesticks.
The Awesome Oscillator is also glowing green and advocating for a positive price trend for Litecoin.
Lastly, the Klinger Oscillator made a bullish crossover in its last cut by the signal. At present, the indicator is travelling within the bull’s territory.
In this technical analysis, all the indicators used have predicted a bullish run for the Litecoin market. The price trend is also speculated to see much volatility as advocated by the Bollinger Bands.
Subscribe to AMBCrypto’s Newsletter
Litecoin [LTC]’s ecosystem sees aggressive adoption; scams continue to defame the coin
Stellar Lumens [XLM/USD] Technical Analysis: Bulls rest while bears plan siege
XRP/USD Technical Analysis: Market confused amidst a reddish hue
Cardano [ADA/USD] Technical Analysis: Bear is still king of the market
Bitcoin [BTC] rewards start-up raises $2.25 million; Bain Venture Capital one among the investors
XRP powered-xRapid and Ripple to get push for adoption through upcoming SWIFT GPI upgrade and Temenos?
XRP, Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] bull run last year started in November: The outlook 1 year down the line
Ripple partner reveals platform moves “a couple billion”, hints at usage of XRP-powered xRapid in future
Bitcoin ETF fate to be decided by the SEC after November 5
“Bitcoin [BTC] will be made better than every other cryptocurrency”, says nChain’s Craig Wright
Ripple’s new xCurrent 4.0 with over 150 customers promises “increased product interoperability” with XRP-powered xRapid
IMF Official to Ripple Co-founder – IMF involved in research, publication on crypto-assets and blockchain
XRP breaks out above 4% within the span of an hour; new APIs enabled
XRP is “explicitly legalized and endorsed” in Thailand, reveals Ripple’s Garlinghouse