Litecoin [LTC] Price Analysis: Bulls seize the initiative as coin prices surge

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Over the week, the fifth largest digital asset on CoinMarketCap, Litecoin [LTC] has maintained its bullish momentum that has translated into a price movement upwards.

During the day, the digital coin slipped to a low of $47.32 before trading across a high of $49.18.

At press time, the silver coin held a market capitalization of $2.95 billion and was priced at $48.50. The valuation for the coin sprung up by 4.46% with a total trading volume of $1.48 billion registered during the past 24 hours.

OKEx has been facilitating high volumes of trading via the trading pairs LTC/BTC and LTC/USDT. The pair LTC/BTC has encompassed a volume of $80 million at a price of $48.31, followed by LTC/USDT with a trading volume of $78.08 million valued at $48.54. Additionally, LTC/BTC has been trending at Coindeal claiming a volume of $74.09 million at a price of $48.33.

1-hour

Source: TradingView

In the hourly chart for LTC, an uptrend from $43.85 to $46.98 and a downtrend from $48.37 to $47.34 has been recorded.

The coin has surpassed resistance levels at many points post-surge and it is to be seen if LTC can break through the new traction of $50.00, rewinding the bullish phase of the previous year. The support marked for the chart is at $47.08.

Parabolic SAR: The dotted lines can be found below the candles, indicating the bull’s contribution to the price momentum of LTC.

Awesome Oscillator: The lines turning green in the AO further suggests a bullish trend for the coin.

Klinger Oscillator: The KO indicator, however, exhibited a bearish trend with the reading line hovering below the signal line.

1-day

Source: TradingView

An uptrend from $32.71 to $43.20 and a downtrend from $55.82 to a low of $32.09 has been registered for the one-day analysis of LTC. The resistance during this time is noted at $51.11 and that of support is at $40.97.

Bollinger Bands: Expanding Bollinger Bands indicate high fluctuation and volatility in the coin’s price.

Chaikin Money Flow: The CMF graph treads above the zero-line, indicating some money flow into the market due to the bulls.

MACD indicator: The MACD line treading above the signal line also predicts a bullish course.

Conclusion

The Parabolic SAR, AO, CMF as well as MACD all project the bulls to hold their course while the KO suggests some bearish activity.


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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

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