Home / Coin Payment / litecoin [LTC] Technical analysis: bears maintain the upper hand as bulls offer weak resistance

litecoin [LTC] Technical analysis: bears maintain the upper hand as bulls offer weak resistance

litecoin [LTC] is one of the many cryptocurrencies that is facing a difficult period late compared to the unexpected collapse of 10 January 2019. It has struggled to get out of the bear's grip for a while, which may raise concerns about Immediate future of LTC.

At the time of printing, LTC had a price of $ 31.01, much lower than its value of $ 40.79 on January 8th. It has a market capitalization of $ 1,863 billion and a 24-hour trading volume of $ 554 million, with a majority ($ 58,42 million or 9.96%) to which ZB.com has contributed, through the pair trading LTC / USDT. Finally, the value of LTC fell by a significant 6.45% in the last 24 hours.

1 hour

Source: TradingView

The 1-hour chart showed a significant downtrend that extended from $ 33.381 to $ 31.106 after a short uptrend that rose from $ 33.307 to $ 33.697. The last point of resistance was at $ 33.723 while the support point at $ 30.744 was strong.

The Parabolic SAR he has the felt-tip pens on his chandeliers, an indication of a bear market. However, considering its flattening, it would seem that the bulls are offering some resistance in the last hour.

The Chaikin money flow the line is making its way above zero, suggesting that money is slowly returning to the market behind the bulls.

The Relative strength index indicates that after a point where the market was oversold and bearish, both buying and selling pressures have leveled off.

1 day

Source: TradingView

The 1-day chart shows a continuous downtrend ranging from $ 40.155 to $ 32.863 while the latest uptrend was tested more than two weeks ago and ranged from $ 34.289 to $ 40.079. The point of support is strong at $ 30.411 while the last resistance point was at $ 40.131.

The Bollinger Bands they are neither expanding nor contracting, indicating that market volatility is stable.

The MACD shows that the signal line is well beyond the MACD blue line and so projection is one of the bear markets in the immediate future.

The Klinger Oscillator has the reading line well below the signal line and, therefore, suggests that the market has a downward trend.

Conclusion

All of the above indicators would suggest that the market is overwhelmingly overwhelming and will remain so in the future. And although indicators like SAR, Chaikin and RSI suggest some form of bullish resistance, the near future of LTC, as suggested by other indicators, remains firmly in the realm of the bear.


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