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Price Analysis of LTC: The coins break out into the negative market

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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 $62.66 with a market cap close to $4.022 billion and a 24-hour trading volume of $3.659 billion. CoinEgg traded a huge chunk and contributed to a total of $884 million.

1 Hour Chart

Source: LTC / USD TradingView

The short term chart showed an uptrend extending from $58.78 to $61.06 and a downtrend extending from $64.07 to $62.35. The immediate resistance was at $62.01 and the subsequent resistance was at $63.56 while the support was at $61.23.

Parabolic SAR: The dotted line was going 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 hitting the 40-line hinting that the sellers were quite active placing the coin the bearish market.

1 Day Chart

Source: LTC / USD TradingView

The long term chart showed a downtrend extending from $136.20 to $65.82 and an uptrend extending from $65.17 to $72.00. The immediate resistance stood at $77.85 and the subsequent support was at $97.03 while the support was held at $70.53.

The Bollinger Bands were slowly trying to diverge thereby increasing the volatility of the coins.

The Awesome Oscillator showed that the red bars were slowly gaining momentum placing the coin in the bearish market.

Chaikin Money Flow: The CMF line was over the zero line proving that the coin was indeed in the bullish market.

Conclusion

The CMF indicator in the long term chart and all the indicators in the short term chart showed that the coin was under a bearish influence.

 

 

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