Litecoin [LTC] Price Analysis: Coin’s future seems overwhelmingly bearish

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The ‘silver’ crypto asset, Litecoin [LTC], was trading below $46.00 since the beginning of the week. The fifth-largest crypto asset in terms of market cap opened at a value of $45.30 on February 27. The highest price point recorded during the day was at $45.62.

The highest trading volume for the trading pair LTC/BTC was registered on DOBI Exchange for the second time this week with a volume of $66.50 million. This was followed by Coineal with a trading volume of $56.98 million and a valuation of $45.28.

At press time, LTC held a market cap of $2.75 billion, and was valued at $45.47. The total trade volume was at $1.01 billion with a small depreciation of 0.25% recorded during the past 24 hours.

1-hour

Source: TradingView

On the one-chart, an uptrend from $42.42 to $48.28 and a downtrend from $52.05 to $44.75 was seen. The coin continued to hover below the immediate resistance level of $46.41. A second resistance was marked at $52.23. The support for the same chart stood at $43.74.

Parabolic SAR: The dotted lines were aligned below the candles, suggesting a bullish pattern to the coin’s price.

Chaikin Money Flow: The CMF graph was below the zero-line, indicating a bear run for the coin, with money flowing out of the market.

Awesome Oscillator: The lines in green depicted a bullish price momentum for LTC.

1-day

Source: TradingView

An uptrend from $32.83 to $44.58 and a downtrend from $55.95 to $39.26 was recorded for the one-day chart. The immediate resistance was marked at $55.84 and the immediate support was marked at $30.69. The next support was noted at $37.68

Bollinger Bands: The mouth of the Bollinger Band was converging, indicating a low volatility phase for the coin’ price.

MACD: The MACD line was below the signal line, indicating a bearish run for the silver crypto coin.

Klinger Oscillator: The reading line was oriented below the signal line after a bearish cross-over, further predicting a bear course for the coin.

Conclusion

The indicators AO and Parabolic SAR sided with the bull while others such as the MACD, KO, and CMF predicted a bearish path.


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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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