Litecoin [LTC/USD] Technical Analysis: Bulls ready to win the battle against the bear

Litecoin [LTC], the seventh-biggest cryptocurrency by market cap, has been standing at the edge of the cliff since the past few days. The cryptocurrency has seen a massive dip ever since it reached its peak earlier this year.

According to CoinMarketCap, at press time, the coin was trading at $50.57 with a market cap of more than $2 billion. The coin was trading volume of $437 million and had witnessed a downfall of 6.88% in the past seven days.

1-hour:

Litecoin [LTC] one-hour price chart | Source: Trading View

The one-hour chart displayed that the coin has seen a downward trend from $53.51 to $52.21, and it further fell from that point to $50.30. The chart also showed that it has an upward trend from $49.88 to $50.11.

The coin will be the first to have a clear the immediate resistance point, which is set at $50.36, in order to reach the next level of the game, i.e., the strong resistance at $52.21. The cryptocurrency has a strong support at $49.81 level, which will be playing a key role in the game of bulls versus bears.

Parabolic SAR showed that it has started to gain interest in the game and is currently the bull’s first hand as the dots were aligned below the candlesticks.

Chaikin Money Flow was right beside Parabolic SAR, supporting the bull by pumping in more money into the market.

However, the Bollinger Bands showed that the game will not be a grand one as the bands were contracting, showing a less volatile market.

1-day:

Litecoin [LTC] one-day price chart | Source: Trading View

Litecoin [LTC] one-day price chart | Source: Trading View

The one-day chart showed that there was a downward trend from $121.59 to $55.87. It also depicted an upward trend from $48.45 to $52.03. The coin has to first clear the immediate resistance level that is set at $55.87. Succeeding this, it will have to prepare itself to kill the strong resistance, which is at $89.15. The cryptocurrency will be support by $48.45, in case it falls in the battlefield.

The RSI indicator showed that the buying pressure and the selling pressure is currently evening out each other in the market.

MACD is preparing for the battle, showing its support to the bear as the moving average line breached below the signal line.

Nonetheless, the Klinger Oscillator is set to entertain the investors by displaying its support to the bull, as the reading line was above the signal line.

Conclusion

The bull and the bear are ready to face off in the market. The bull is currently supported by Parabolic SAR and the CMF from the one-hour chart and Klinger Oscillator from the one-day chart. The bear is supported only by MACD from the one-day chart.

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