Litecoin [LTC] Price Analysis: Potential price rally forecast even as coin exhibits bearish momentum

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The fourth largest coin on CoinMarketCap, Litecoin [LTC], was trading above $60, at press time. LTC emerged as one of the winners in the recent market surge, and the coin has doubled in value since the beginning of the year.

At press time, the crypto asset held a market cap of $3.67 billion, and was priced at $60.50. The digital silver registered a 24-hour trading volume of $1.85 billion. LTC exhibited a growth of 1.71% against the US dollar in the past 24 hours, while a growth rate of 7.23% was recorded over the past seven days.

Coineal continued to contribute significantly to the coin’s 24-hour trading volume, providing 7.86% of the total trade volume via the LTC/BTC trading pair. Coineal was followed by DigiFinex and Coinall with 5.82% and 4.48% of the trading volume, respectively.

1-hour

Source: TradingView

LTC’s one-hour chart exhibited a minor uptrend from $52.39 to $55.44, and another uptrend from $55.86 to $60.29. The minor downtrend from $61.40 to $59.28 can be attributed to the latest dip in the coin’s price, following a bullish recovery. The immediate resistance was at $65. The support for the coin was found at $52.39.

Bollinger Bands: The mouth of the bands depicted a volatile future for the coin’s price in the short term.

Awesome Oscillator: The closing bars of the indicator were red, and indicated bearish price momentum for Litecoin.

Chaikin Money Flow: The CMF continued to tread above the zero-line, indicating that the money was flowing into the coin market. Hence, a bullish price pattern was predicted for the silver crypto asset.

1-day

Source: TradingView

The candlestick arrangement on the one-day chart of LTC showed an uptrend from $32.84 to $45.63, and a major downtrend from $83.85 to $33.98. Immediate resistance for the crypto asset was marked at $88.55, while the immediate support firmly stood at $28.84.

Parabolic SAR: The dotted markers were below the candlesticks, suggesting that the coin was following a bullish trail.

Klinger Oscillator: The reading line was below the signal line, posting bearish pattern for the crypto coin.

MACD: The MACD indicator suggested a potential bearish crossover.

Conclusion

The short-term indicators for Litecoin projected mixed signals, with a hint of potential breakouts. However, a majority of the long-term indicators sided with the bear.


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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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