litecoin [LTC/USD] Technical analysis: bears hinder the green run of the bull

litecoin [LTC], the seventh largest cryptocurrency in the world, is currently experiencing a downward trend in prices. Unlike most coins that reflect lateral movement, LTC shows a 2.15% decline on the charts.

At the time of writing, the token was trading at a depreciated price of $ 50.75, with a market capitalization of only $ 3 billion. The 24-hour trading volume was registered at $ 414.3 million.

1 hour:

LTCUSD 1 hour candelabras | Source: tradingview

In the scenario of an hour, a downward trend extends from $ 55.7 to $ 51.14, while the upward trend can be seen from $ 49.88 to $ 50.15. An imminent intersection is evident between the two trend lines, thus, predicting a trend breakout in price.

The Parabolic SAR became bearish on the LTC market. The points have moved over the candles to cancel the positive price forecast for the market.

The Awesome Oscillator it is also red, flashing a warning sign to the price trend.

The MACD he was running bullish but he is in the middle of a bearish crossover from the signal. The reading line approaches downward to indicate a red trend.

1 day:

In the space of a day, the trend lines are evident from $ 89.18 to $ 55.9 [downtrend] and $ 48.47 to $ 50.8 [uptrend]. However, in this timeline it is not possible to foresee a trend breakout because the point of intersection between the two trend lines is still distant.

The Bollinger bands they are shrinking at a steady pace, indicating lower volatility in the LTC market. The bands are following a tunnel path without showing signs of any model changes.

The RSI hit the bullish zone but it hangs right now. The indicator seems to change sides to support a race to the bottom for cryptocurrency.

The Chaikin cash flow is in tune with all the above indicators to attend the bull's funeral. At present, the reading line is collapsing in purgatory, under the 0 sign.

Conclusion

All the indicators used in the technical analysis are betting on the downward trend in Litecoin prices. Bollinger bands attenuate the severity of the forecast by announcing lower volatility for cryptocurrency.

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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.