litecoin [LTC/USD] Technical analysis: Bear's hunger for more grass is reflected in the price trend

litecoin [LTC], which is now the only ninth largest cryptocurrency in the world after having slipped more points from the top, is still fighting terror of the bears.

At the time of writing, LTC was down $ 1.7% where the currency was trading at a depreciated price of $ 24.6 with a market capitalization of $ 1.46 billion. Here, the total volume of trade in the last 24 hours was observed at $ 402.2 million.

1 hour

LTCUSD 1 hour candelabras | Source: tradingview

In the Litecoin candlestick chart, the downtrend is extended from $ 29 to $ 26, while the support level is set at $ 22. Here, the possibility of a trendy breakout is not visible in as the concentration is the price is absent.

The Parabolic SAR it has moved on a bearish forecast on the cryptocurrency from a previous bullish attitude. The points are currently lined up above the candles to show resistance against rising prices.

The Aroon indicator he was describing a stronger uptrend previously. Similar to the previous case, the indicator shows a weakened uptrend in which both trends are coming to a halt. However, the green trend is relatively stronger at this point.

The Chaikin cash flow is showing a neutral approach while the reading line continues to travel the path of the 0 sign.

1 day

LTCUSD 1 day candlesticks | Source: tradingview

In the long-term scenario, the downward trend extends from $ 89 to $ 55 while support is set at the $ 53 level. The market appears volatile in which there is no price concentration. Therefore, no trend breakout is currently planned.

The Bollinger bands they are suggesting greater volatility in the LTC market in the future, as the bands continue to diverge in opposite directions.

The Relative vigor index He made a bearish crossover and is moving down to confirm a bearish position on the market.

The RSI it crashed in the oversold zone and it's going along the border since now. This indicates a negative fate for the currency.

Conclusion

In this technical analysis, the indicators exceeded their judgment, declaring war on Litecoin at the behest of the bear. Bollinger Bands also suggest greater price volatility.

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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.