litecoin [LTC/USD] Technical analysis: Bear leading the election against the bull

litecoin [LTC], the seventh largest cryptocurrency by market capitalization, has once again made record by tapping the lowest price point since it exploded on the market at the start of 2018. After reaching its all-time high in January, the currency was a free fall with all the other cryptocurrencies of the market like Ethereum [ETH] and Monero [XMR]. Nevertheless, the cryptocurrency has turned green today, after the week's bloodbath.

According to CoinMarketCap, at the time of printing, Litecoin [LTC] it is trading at $ 43.29 with a market capitalization of $ 2.56 billion. The cryptocurrency has a trading volume of $ 487.79 million and has seen an increase of 2.42% in the last 24 hours.

1 hour:

litecoin [LTC] price chart of a & # 39; hour | Trading View

In the chart at one hour, the currency shows an uptrend from $ 39.66 to $ 42.22 and a strong downtrend from $ 49.43 to $ 42.72. The currency has immediate resistance at $ 43.47 and strong resistance at $ 50.11. The seventh largest cryptocurrency has immediate support for $ 41.56 and strong support at 39.65.

Parabolic SAR he is currently showing a bullish wave when the points have lined up under the candlesticks.

Bollinger bands they are describing a less volatile market while the gangs are contracting, predicting that a massive price movement may not occur in the cryptocurrency market.

The Chaikin cash flow indicator is showing that the currency is currently in the realm of the bull. The CMF line is above the zero line. However, it is also showing that the bear could capture the coin while the line is moving south.

1 day:

litecoin [LTC] price chart for a day | Source: trading view

In the one-day chart, the coin shows a short uptrend from $ 48.45 to $ 51.65. The cryptocurrency also shows a downward trend from $ 117.74 to $ 55.88. Litecoin has immediate resistance at $ 55.92 and a strong resistance at $ 89.22. The current strong support for the currency is $ 40.15, which was created last year. The currency has broken all levels of support for this year.

MACD shows a downward trend as the moving average line is below the signal line.

RSI it is forecasting a reversal of trend as the currency, which is currently in the bear shelter, is over purchased on the market.

Klinger Oscillator he is also approving the bear rule because the reading line was well below the signal line.

Conclusion:

The bear is currently the market leader with three votes to two bull votes. The bull got the votes from the Parabolic SAR and CMF from an hourly chart and earned the votes from MACD, RSI and Klinger Oscillator from the one-day chart.

Follow us on Telegram | chirping | Facebook

Priya is a full-time member of the AMBCrypto reporting team. He is a finance specialist with a one-year writing experience. You had no value in Bitcoin or other currencies.