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Price Analysis of LTC: The bears lead the way for the marketers

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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 $60.94 with a market cap close to $3.903 billion and a 24-hour trading volume of $3.389 billion. CoinEgg traded a huge chunk and contributed to a total of $884 million.

2 Hour Chart

Source: LTC / USD TradingView

The short term chart showed an uptrend extending from $49.17 to $58.56 and a downtrend extending from $63.97 to $60.82. The resistance was at $64.32 while the immediate support was at $59.65 and the subsequent support was at $57.58.

Parabolic SAR: The dotted line was coming up indicating that the coin was in the bearish market.

The MACD line was swaying under the signal line suggesting that the coin was experiencing a bearish trend.

Relative Strength Index: The RSI line was just above the 40-line hinting that the sellers were quite active in pushing the coin into the bearish market.

1 Day Chart

Source: LTC / USD TradingView

The long term chart showed a downtrend extending from $144.74 to $79.29 and an uptrend extending from $65.15 to $72.82. The resistance stood at $98.28 while the immediate support was held at $63.94 and the subsequent support was held at $51.41.

The Bollinger Bands were slowly beginning to converge thereby decreasing the volatility of the coins.

The Awesome Oscillator showed that the red bars, with a very light momentum, were growing placing the coin in the bearish market.

Chaikin Money Flow: The CMF line was over the zero line proving that the inflow of the capital was slightly higher than the outflow pushing the coin into the bullish market.

Conclusion

From the short term and long term analysis, it is seen that the coin (at the press time) was under a bearish influence.

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