[ad_1]
litecoin [LTC] is one of the top 10 coins most affected by the bear market witnessed by cryptocurrencies across the board. At the time of the press, it had plummeted by 14%, trading at a depressed price of $ 33, with a market capitalization of $ 1.9 billion. The 24-hour trading volume was recorded at $ 618.3 million.
1 hour
LTCUSD 1 hour candelabras | Souce: tradingview
In this timeline, the trend line extends from $ 48.15 to $ 42.35 [downward] and the support level is set at $ 31.45. The trend line is forming a descending triangle with the support line to represent the low nature of the market.
The Parabolic SAR is bearish on the price trend of Litecoin. In addition, the points are aligned above the candelabra to give a negative perspective on the case.
The Aroon indicator It is showing more strength in the downtrend as far as now. The uptrend weakens more with time and crashes in favor of the downward trend.
The MACD He made a bearish crossover from the signal line to represent a clear sign of the bear's presence. The reading line is collapsing further to confirm the position.
1 day
LTCUSD 1 day candlesticks | Souce: tradingview
Similarly to the scenario described above, a downward trend can also be observed in day candlesticks where the $ 89 to $ 55 trend line is forming a downward trend with support set at $ 35.7. In addition, previous support was set at $ 51, which has been breached several times to finally be crushed to the current level.
The Bollinger bands they are expanding to widen the gap in terms of price fluctuations. Market volatility was not high, but is expected to increase as the bands diverge from the tunnel model.
The Chaikin cash flow he is extremely bearish on LTC at the moment. This can be observed while the reading line is blocking without any ascent to travel under the 0 line.
The Relative vigor index it is also in sync with the aforementioned indicator to project a negative view on the market. The RVGI has made a bearish crossover from the signal and is traveling downstairs with the bear.
Conclusion
In technical analysis, most indicators are predictive of a race to the bottom for cryptocurrency. Therefore, it is a clear sign that the bear market has not yet ended. Furthermore, LTC could see a high level of volatility as expected by Bollinger Bands.
Subscribe to the AMBCrypto newsletter
[ad_2]Source link
