The fifth largest crypto asset on CoinMarketCap, Litecoin [LTC] surged on the back of this week’s bull run before slipping back during the latter part of the week.
The ‘silver’ crypto coin opened with $49.48 and crept to $49.88 during the day. However, it failed to breach the $50 mark.
The trading pair LTC/BTC was trending at three exchanges. The highest trading volume of $69.54 million was recorded at OKEx, where the coin was priced at $48.79.
At press time, LTC held a market cap of $2.97 billion, priced at $49.09. The total traded volume accounted for $1.10 billion with a decline of $0.64%.
A minor upward trend from $50.49 to $46.84 and a downtrend from $50.83 to $49.16 was noted for the hourly chart. The coin is anticipated to break the resistance of $49.14, while the support stood firm at $47.90.
Bollinger Bands: The Bollinger Bands suggested a slight expansion even as the coin maintain low-profile volatility.
Awesome Oscillator: The lines in red indicated a bearish price momentum for the coin.
Chaikin Money Flow: The CMF graph traded above the zero-line. This indicated a bullish course for the coin.
An uptrend from $32.87 to $43.29 and a minor downtrend from $39.12 to $34.02 was recorded for the one-day chart. The immediate resistance for the trends is marked at $51.05 and that of support at $42.36.
Parabolic SAR: The dotted lines aligned below the candles, indicating a bullish pattern for the coin.
Klinger Oscillator: The reading line was below the signal line. This exhibited that LTC’s price course was gearing for a bearish turn.
MACD: The MACD line above the signal line indicated a bullish trend for the coin’s price.
The indicators – AO, CMF, KO indicate that the bear is taking control of the bear, while the Parabolic SAR and MACD predict a bullish phase for the coin with a mild hint of volatility.
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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.