Litecoin [LTC] Price Analysis: Bearish trend persists as silver coin recovers from support level

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After a sharp fall from $52.04 on late Sunday evening, Litecoin [LTC] failed to recover and climb over its resistance level. The fifth-largest crypto asset in terms of market cap, LTC, opened at $47.10 and fell below $46.00 and its support level on the same day.

The trading pair LTC/BTC was trending on three exchanges. The highest trading volume of $75.03 million was registered by DOBI Exchange, where the coin was valued at $45.68. It was followed by DigiFinex and Coineal with valuations of $45.70 and $45.69 and a trading volume of $44.71 million and $44.29 million, respectively.

At press time, LTC held a market cap of $2.77 billion, and was priced at $45.71. The total trade volume accumulated to $1.15 billion with a slight positive rise of 1.25%.

1-hour

Source: TradingView

A minor uptrend from $46.83 to $50.49 and a downtrend from $51.67 to $45.22 as marked on the one-hour chart. The coin was below the $52.23 resistance level and above the $43.73 support level.

Bollinger Bands: The converging Bollinger Bands suggested low volatility in the coin’s price movement.

MACD: The MACD line was above the signal line indicating a bullish phase for the silver coin.

Klinger Oscillator: The reading line and the signal line was heading towards a bullish cross-over.

1-day

Source: TradingView

An uptrend from $32.82 to $43.57 and a downtrend from $55.91 to $39.20 was recorded for the one-day chart. The immediate resistance was marked at $51.24 and the immediate support was marked at $32.46.

Parabolic SAR: The dotted lines were oriented above the candles, indicating a bearish pattern to the coin’s valuation.

Chaikin Money Flow: The CMF graph, on the other hand, aligned above the zero-line, suggesting a bullish course for the coin, with money flowing into the market.

Awesome Oscillator: The AO indicator suggested a bearish price pattern for LTC

Conclusion

The indicators – AO and Parabolic SAR, all suggested that the coin’s price was ridden by the bear while others such as the MACD, KO, and CMF sided with the bull. The Bollinger Bands also predicted low volatility in the coin’s valuation.


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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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