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Litecoin Price Analysis: Cryptocurrency could swing higher as bulls take control



Litecoin Price Analysis: Cryptocurrency could swing higher as bulls take control
Source: Unsplash

Litecoin [LTC] was trading at $53. 68 after rising by 0.12% in the last 24-hours, at press time. The silver coin held a market cap of $3.41 billion and registered a 24-hours trading volume of $2.4 billion, a significant portion of 11.8% was being traded at the crypto exchange CoinEgg via trading pair LTC/ETH followed by pair LTC/BTC which contributed 5.09%.

Source: CoinStats

LTC 1-hour Chart:

Source: LTC/USD on TradingView

Litecoin’s one-hour chart exhibited a downtrend from $56.95 to $54.02 and another minor downtrend was seen from $54.72 to $53.76. The cryptocurrency recorded an uptrend from $51.71 to $53.02. LTC found an immediate resistance point at $57.07 while the support stood firm at $51.94.

Bollinger Bands: The converging Bollinger Bands depicted low volatility in the LTC market.

Awesome Oscillator: The closing lines of the AO indicator was green, depicting a bullish period for the coin.

Chaikin Money Flow: The CMF line was well above the zero-line, indicating money flowing into the market and a bullish phase for the coin.

LTC 1-day chart:

Source: LTC/USD on TradingView

Litecoin’s daily chart exhibited an uptrend from $60.82 to $75.28 and a downtrend from $141.11 to $77.43. The resistance point for the daily chart stood at points $77.74 and $102.18 respectively while the support remained untested at $43.11.

Parabolic SAR: The dotted markers hovering above the candlesticks depicted a bearish period for LTC.

MACD: The MACD line was above the signal line and suggested a bullish phase for the coin

Klinger Oscillator: The KO indicator also aligned with the bulls as signal line rested below the KO line.


Despite subtle hints of bears presence, both short-term as well long-term price charts indicated a bullish phase for the coin in the near-term.

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Chayanika is a full-time journalist at AMBCrypto covering the US and UK markets. A graduate in Economics, and majoring in Political Science she focuses on the impact of regulations across different geographies.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.