litecoin [LTC] Technical analysis: Cryptocurrency to stay with bears

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The price of Bitcoin [BTC] it's still hovering around the $ 3,000 range just like the other cryptocurrencies that are facing bear weight. They have reached their historical minimum since 2017 December.

At the time of writing, LTC trades at $ 23.62 with a market capitalization of $ 1.4 billion. The currency is currently at the eighth position by market capitalization and has seen a significant decline of 7.4% over the last 7 days. LTC opened at $ 32 on December 1, continues to decline further without showing any sign of uptrend even after 2 weeks.

1 hour:

1 hour LTC chart Source: TradingView

1 hour LTC chart Source: TradingView

In this time frame, LTC shows a downward trend ranging between $ 35.26 – $ 24.6 – $ 23.8 with resistance points set at $ 34.02 and $ 28.69.

The Awesome Oscillator it is currently moving towards the reddish zone continuing the downward trend of LTC. The histogram is showing the same trend since yesterday.

Chaikin cash flow [CMF] it has fallen below the zero line indicating that the inflow of money into the LTC market is diminishing.

The Bollinger bands they are currently divergent, indicating that there are high probabilities of volatility in the market. Furthermore, the candlesticks remain slightly below the simple moving average [SMA] showing a bearish trend in the 1 hour chart.

24 hours:

1 Day LTC Chart | Source: TradingView

1 Day LTC Chart | Source: TradingView

The LTC daily chart shows a desolate market with no possibility of rising anytime soon. The downtrend varies between $ 275.56 – $ 52.8 and $ 50.62 – $ 25.2. The resistance point in this time frame is set at $ 180.11.

The Parabolic SAR it is currently forming the dashed indicators above the candelabras, pushing them further towards the bearish end.

In MACD, both the signal line and the moving average are continuing their journey together in the bearish zone without any alteration. The LTC histogram also seems completely bleak at the moment.

The Relative strength index [RSI] he is struggling to take his place in the RSI area. The indicator went to the oversold section last week and continues to be in the same area since then.

Conclusion:

Litecoin [LTC] the market clearly shows a negative trend with all the indicators at both times that are constantly moving towards bears.


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Laira Rebecca


Laira is a full-time writer at AMBCrypto. She is a degree in Computer Science and has about 1 year of writing experience. His enthusiasm and his keen interest in the development of his knowledge on blockchain and cryptocurrency have led her to become part of AMBCrypto. At the moment it has no value in cryptocurrency or in its projects.


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