Home / Coin Payment / litecoin [LTC] Technical analysis: bears reign supreme when the bulls struggle to contain a downward trend

litecoin [LTC] Technical analysis: bears reign supreme when the bulls struggle to contain a downward trend

The bear looms over the horizon of the cryptocurrency while the markets are debating in light of the January 10th crisis. litecoin [LTC] has suffered the same fate as the other cryptocurrencies and has seen its price against the US dollar fall by about 25% only this month.

At the time of printing, Litecoin [LTC] It remains the eighth largest cryptocurrency in terms of market capitalization, with a market capitalization of over $ 1.86 billion. Valued at $ 31.06, it also recorded a 24-hour trading volume of $ 516 million with ZB.com which contributed 7.96% through the LTC / USDT trading pair. LTC also has a negative growth rate of 0.24% in the last 24 hours.

1 hour

Source: TradingView

The graph of one now showed a marginal downward trend that has extended from $ 31.353 to $ 31.179. This was in favor of a similarly marginal uptrend that rose from $ 31.088 to $ 31.345. The resistance point was reached at $ 31.367, while the nearest support point is strong at $ 30.984.

The Bollinger Bands they are neither expanding nor contracting, suggesting that market volatility has maintained its stability and that any price movement has been largely sideways.

The Klinger Oscillator has the signal line above the reading line, indicating a downward trend for the market.

The MACD the chart has the line of the signal just creeping under the MACD line, indicating that despite the bullish challenge, the bears have control of the market.

1 day

Source: TradingView

The one-day chart shows a significant downtrend from $ 39.329 to $ 32.863, a reflection of the crash started on January 10th. It followed an uptrend that reached a maximum of $ 40,079 on January 8th. The most recent resistance point was reached at 40,229, while the bullish challenge helped the $ 30,447 support point to hold a business.

The Parabolic SAR it has all its indicators above the candelabras which suggest a downward trend to the market.

The Awesome oscillator it's in red, also indicating that the market is really bearish.

Finally, the Aroon indicator has the Aroon Down line well above the Aroon Up line and closer to 100 which indicates that the downtrend is strong and has taken control of the market.

Conclusion

It can be concluded that a strong bearish trend is characteristic of the LTC market in the near future. Despite some bullish resistance that has stabilized its value in some way, all indicators, both short and long term, suggest that bears hold control of the LTC market.


Subscribe to the AMBCrypto newsletter


Source link