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LTC Price Analysis: The collective market fail to meet up with the bulls

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The silver crypto asset- Litecoin aka LTC is in the 6th position among the leading cryptocurrencies. The price of LTC at the press time was $58.10 with a market cap of $3.07 billion and a 24-hour trading volume of $3.25 billion. CoinEgg traded a huge chunk and contributed to a total of $671 million.

1 Hour Chart

1 Hour Analysis of Litecoin
Source: LTC / USD TradingView

The one hour chart of LTC exhibited a major uptrend extending from $47.21 to $57.89 and a downtrend extending from $62.46 to $61.12. The resistance was standing at $59.76 and there was a support that was held at $57.00.

Parabolic SAR: The dotted line was seen above the candlesticks which was moving down indicating a bearish sentiment.

The MACD line seemed to have had a crossover recently and was about to have another, but the signal line was preceding over the MACD line indicating that the coin was in the bear markets.

Relative Strength Index: The line seemed to be corresponding with the 50-line indicating a neutral pressure within the buyers and the sellers.

1 Day Chart

1 Day Analysis of LTC
Source: LTC / USD TradingView

The long term chart showed an uptrend extending from $30.69 to $51.09 and a major downtrend extending from $145.14 to $63.22. The immediate resistance stood at $80.11 and the subsequent resistances stood at $106.89 and $123.18 respectively. An immediate support was held at $63.12 and a subsequent support was held at $50.65.

The Bollinger Bands were undergoing a squeeze and indicated a reduction in the volatility of LTC. The price was dipping and indicated that the market was bearish.

Awesome Oscillator: The green bars were trying to gain momentum but were stopped by the red bars indicating a bearish sentiment for the coin.

Chaikin Money Flow: The line was exhibiting an up and dump movement but since it was below the zero line, it means that the coin was in the bearish market.

Conclusion

Two indicators in the short term chart and all the indicators in the long term chart suggested that the coin continued to experience a bearish sentiment.

 

 

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