litecoin [LTC/USD] Technical analysis: bear all hope of a green future?

litecoin [LTC], in recent days, has undergone progress on the front of the market as it has recovered its place in seventh place, leaving Bitcoin Cash [BCH] and Bitcoin SV [BSV]. At the time of writing, the token was up 0.32% when it was trading at a price of $ 23.6, with a market capitalization of $ 1.4 billion. The 24-hour trading volume was recorded at $ 320.4 million.

1 hour

LTCUSD 1 hour candelabras | Source: tradingview

In candlelit hours, LTC is undergoing a downtrend from $ 30.2 to $ 24.4 where the first support set at $ 23.3 has been surpassed by a point below $ 23. The downward trend is forming a descending triangle with the support to represent a decline in the market.

The Parabolic SAR it is currently bullish on Litecoin. The points are aligned under the price candles that serve as support for the cryptocurrency.

The Aroon indicator it is neutral on the cryptocurrency as it promotes a lateral movement for the coin. Although the green trend is stronger than the red trend to give an advantage to the uptrend.

The Awesome Oscillator is in disagreement with the above indicators, tending more towards a bearish speculation for the price trend.

1 day

LTCUSD 1 day candlesticks | Source: tradingview

In this timeline, the candlesticks are witnessing a steep downtrend that extends from $ 88.5 to $ 56 while support is pending at $ 29.3. As you can see, there is no possibility of a trend breakout in the longer timeline.

The Bollinger bands they have just separated from one another to give way to price fluctuations. Greater volatility is expected in the LTC market.

The Chaikin cash flow hit the bearish zone a few days ago and is still traveling at the bottom of the chart to predict a red trend.

The RSI entered the oversold zone to represent a bearish presence in the LTC market. However, since the indicator is traveling inside the area, a short turnaround may occur.

Conclusion:

In this technical analysis, most of the indicators used above are bearish on the market and are sustaining a negative price trend in the future. Bollinger bands show a greater fluctuation on the LTC chart.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in journalism and communication at Manipal University, she believes that blockchain technology is a revolutionary tool for advancing the future. Currently it has no value in cryptocurrencies.