Litecoin [LTC] Price Analysis: Bulls set to take charge as coin recovers from earlier losses

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Litecoin [LTC] has managed to sustain a steady rise in price valuation over the last week and looks set to continue its recovery from the bear attacks in January. However, Litecoin’s price has fallen by 1.47 percent over the past 24 hours, at press time.

Litecoin is currently fifth on the list of the world’s largest cryptocurrencies with a market cap of $2.985 billion. The trade volume recorded over the last 24 hours is $1.210 billion with OKEx exchange contributing around 5.16% of the total trade. Litecoin is currently trading for $49.29.

Source: TradingView

1-hour:

The one-hour chart for the LTC market indicates a minor downtrend extending from $50.84 to $49.17. However, the market did experience a significant increase in price during the week which pushed the value from $47.10 to $50.36. The resistance line for both the trends remains at $51.16.

The Parabolic SAR markers are placed above the candlesticks, suggesting a downtrend for the coin and that the bear may retain control.

The Bollinger Bands indicate steady pricing as the lines do not show any form of convergence or divergence.

The Fisher Transform however, indicates a bearish trend ahead, but chances are there for a cross-over as the lines approach convergence.

1-day :

Source: TradingView

The 1-day trend signifies that Litecoin has made a positive bounceback since the start of January 2019. A consistent bullish trend has been witnessed where the price valuation has recovered most of its losses from the bear trend. The uptrend extends from $33.23 to $50.93.

The MACD chart the signal line and the MACD line both undergoing a bullish climb.

The Relative Strength Index indicates that the buying and selling pressures have evened each other out closer to the overbought zone.

The Chaikin Money Flow indicates a high in-flow of capital into the Litecoin market as the marker is above the zero line.

Conclusion

Most of the indicators suggest that the Litecoin market is warming up for a bull run with an uptrend forming gradually.


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Biraajmaan Tamuly

Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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