The cryptocurrency market has been moving in a wave-like fashion with continuous crests and troughs. The market has been seeing spurts of growth in the price, but it did not trigger a price swing. Litecoin [LTC], also witnessed such a push in its price recently, but at the time of writing, the coin continued to move within a tight range.
The digital asset has a market capitalization of $10.99 billion and was being traded at $163.94.
Litecoin 1-hour chart
Source: LTCUSD on TradingView
The above chart of Litecoin has been noting the price consolidation between $155 and $181. Before the drop to this level, LTC was trading between $169 and $181 for a while. However, sudden selling pressure pushed it to this new price level.
This could mean that the LTC market may further this phase of consolidation as momentum in the Bitcoin market also noted a similar trend.
Reasoning
The Bitcoin market has been pushing the price of most altcoins in the market. Now that, the digital asset moves sideways after a little pump, the alts are also showing signs of consolidation.
Litecoin has shown that the volatility in its market has comparatively decreased as the Bollinger Bands converged. Meanwhile, the 50 moving average and signal line were beginning to witness a bearish crossover, which could be just a sign for the price to retrace within the above-mentioned range.
The Relative Strength Index has climbed to equilibrium due to the boost in price. This meant that the buyers and sellers were equal in the market, and hinted towards yet another spell of sideways movement for LTC. Meanwhile, the awesome oscillator noted the lack of momentum in the market.
Conclusion
The current trend prominent in the LTC market was of consolidation between $155 and $169. There has been bearishness evolving in the market, but the price swing may not be visible in the short-term.
