Litecoin [LTC/USD] Technical Analysis: Bulls to move in for the kill as bears shirk away

The price of Litecoin [LTC] has largely been in a downward spiral, breaking many of its crucial resistance levels as prices continue to decline. However, some short-term relief might be achieved for the price, as the technicals point to a recovery in the favor of the bulls.

1 hour:

The short term outlook shows that there is an uptrend from $27 – $31, with a short downward movement from $35 – $34 – $33 – $31. There are supports set at $31 and $27, with the resistance levels being presented at $35 and $37.

The RSI has recovered from the oversold zone.

The MACD is set for a bullish crossover, as seen by the two lines beginning to draw together.

The Bollinger Bands have widened after the drop recently, demonstrating further volatility in the Litecoin markets.

1 day:

The long-term outlook for Litecoin shows a short support uptrend from $29 – $31, with a downtrend from $125 – $55 – $33. There is a support from $28, with a resistance at $62 and $101.

The Awesome Oscillator is bullish, as seen by the emergence of green lines from the bearish trend.

The Relative Vigor Index is demonstrating a bullish crossover but seems to be set for further downwards movement.

The Parabolic SAR is bullish, with the dots beginning to emerge from the bottom of the candlesticks.

Conclusion:

The coin seems to be awaiting further upwards movement, with the indicators supporting the bull over the bear. With both short and long-term outlooks ruling in favor of positive movement, resistances at $35 and $37 might be tested.


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Anirudh VK


Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.


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