litecoin [LTC] Technical analysis: the cryptocurrency decreases until it reaches its annual minimum

On November 19, the cryptocurrency community witnessed another serious downfall in the Bitcoin market [BTC] fell below the $ 5000 limit. Along with BTC, the value of other cryptocurrencies also declined significantly.

At the time of writing Litecoin [LTC] it is trading at $ 36.93 with a market capitalization of $ 2.1 billion. The cryptocurrency has decreased by 13.98% in the last 24 hours. Moreover, in the 7-hour statistics, the currency shows a significant drop of around 28%.

1 hour:

LTC Chart 1 hour | Source: TradingView

The 1 hour graph of Litecoin [LTC] shows clearly that the price has fallen rapidly over this period of time. There is a downward trend going from $ 51.35 to $ 43.29 to $ 37.3 with a resistance point set at $ 47.58. The cryptocurrency broke the support level f $ 41.2 and further showed a downward correction and reached the current point.

The Chaikin cash flow [CMF] is currently trying to recover its position above the zero line, which states that the inflow of money into the LTC market is much lower.

The Klinger Oscillator he took a bearish crossover with both the reading line and the signal line moving down.

The Aroon indicator shows that bears have passed the LTC market at the moment. The Aroon Up line has reached the zero line and continues to move sideways without any sign of inversion of tendency. In addition, the Aroon Down line touched the maximum point with a lateral advancement.

24 hours:

LTC Chart 1 day | Source: TradingView

The 1-day LTC chart shows a downtrend ranging from $ 179.8 to $ 50.6 to $ 42.58. Strength points are set at $ 179.8, $ 140.5 and $ 97.6.

The MACD is showing a bearish crossover with the moving average line that continues a journey down. The histogram started to form negative bars that indicate a strong bearish trend.

The Awesome Oscillator it is forming a red signal that suggests that the downward trend will continue in the future.

The Relative strength index [RSI] it has crossed the oversold line and moves further downwards, indicating that the selling pressure is much higher than the purchase pressure.

Conclusion:

The technical analysis above illustrates that the price of LTC is very bearish. All the indicators in both times strongly support a negative price movement of the cryptocurrency.

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Laira is a full-time writer at AMBCrypto. She is a degree in Computer Science and has about 1 year of writing experience. His enthusiasm and his keen interest in the development of his knowledge on blockchain and cryptocurrency have led her to become part of AMBCrypto. At the moment it has no value in cryptocurrency or in its projects.