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litecoin [LTC] it was like every other altcoin who faced the ire of yesterday's bear. It has plunged to as low as $ 40, but prices have gained momentum and are on the road to correction. At the time of writing, LTC was trading at $ 41.99, with a market capitalization of $ 2.52 billion.
1 hour
Source: trading view
The dive caused Litecoin to break all of its previously set up supports without any uptrend in sight. There is a downward trend going from $ 55.69 to $ 49.87. There is a sharp dip from there that caused another downtrend from $ 47.56 to $ 42.64.
Prices have broken support for $ 48.84 and $ 48.17. New support has been formulated at $ 40.87. A new resistance formed at $ 43.30. The next resistance points are $ 49.88, $ 51.15, $ 54.09 and $ 55.88.
The Bollinger bands they are showing a huge expansion due to yesterday's crash, which indicates that volatility has finally returned to the cryptocurrency market. The candles are below the simple moving average, indicating that the activity is oversold.
The Aroon indicator shows that the Aroon downline has reached line 100 and is moving to the zero line indicating that the downward trend is slowly losing strength. While the Aroon line up has hit the bottom, it indicates that the upward trend has become extinct.
The Stochastic is entering the band after reaching an oversold position. The stochastic line has undergone a bearish crossover.
1 day
Source: trading view
The one-day chart shows the repercussions of yesterday's crash, with a downward trend ranging from $ 125 to $ 50.32 with a break at $ 55.88. LTC broke support at $ 48.55 by plunging lower than previous year's prices. Support is formed at $ 38.14. The resistors are always the same [at $63.11, $67.75, $88.99 and $101.11] and holding it steady.
The Parabolic SAR indicates a bearish move while SAR markers are suspended above the price candles, pushing them further down.
The MACD the indicator shows a bearish crossover while the same is indicated by the histogram.
The Awesome Oscillator shows the red peaks forming below the zero line, indicating that the short-term momentum is falling faster than the long-term momentum indicating a bearish opportunity.
Conclusion
The one-day chart, as indicated by the Bollinger Bands, Stochastic and Aroon indicators, shows strong downward pressure on the market. The one-day chart also shows the same downward pressure on the market.
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