Litecoin [LTC/USD] Technical Analysis: A possible run-of-the-mill for bulls

Fibo Quantum

Litecoin [LTC]’s market cap has fallen below the $2 billion market cap again and is currently at $1.91 billion, and the price is at $32.32 as per CoinMarketCap.

The 24-hour trading volume of Litecoin is $59.36 million and ~11.73% of it is contributed by DOBI trade with the pair LTC/BTC. OKEx follows DOBI trade and contributes ~11.47% of all the trading volume with trading pairs LTC/BTC and LTC/USDT.

1-hour

Source: Trading View

The uptrend for Litecoin ranges from $28.78 to $31.70, while downtrend ranges from $41.62 to $31.94. The support at $27.25 is holding strong. Litecoin broke the resistance point at $31.68 and rose above it, and the prices are currently testing the same resistance. More resistance points can be seen at $35.29 and $37.29.

The Aroon indicator shows a downtrend gaining strength while the uptrend is struggling to gain momentum.

The Chaikin Money Flow has dipped below the zero-line, indicating that sellers are dominating the Litecoin market.

The Relative Vigor Index shows a crossover of the RVGI to the bottom which is a bearish indication.

1-day

Source: Trading View

The one-day chart for Litecoin shows no signs of an uptrend, while the downtrend extends from $125 to $34.43. The support for Litecoin at $28.60 has been holding steady for more than four days, while resistance points at $63.11 and $101.11 are both holding strong as well.

The Parabolic SAR markers are showing a bullish trend for Litecoin in the one-day time frame.

The MACD line is undergoing a bullish crossover and the histogram is starting to see some green bars materialize above the zero-line.

The Stochastic indicator shows a recovery from the depths in a bullish crossover.

Conclusion

The one-day chart shows a bearish outlook as indicated by the Aroon, CMF and the RVGI indicators, while the one-day chart for Litecoin is showing a bullish presence as depicted by all indicators [SAR, MACD, and Stochastic].


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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.