litecoin [LTC/USD] Technical analysis: Bull to revive Charlie Lee's prediction?

While the realm of the bull has hit the cryptocurrency market, all the coins under the top 10 are enjoying a great rally. At the time of writing, Litecoin [LTC] it was also showing a 4.5% peak, in which the token was trading at $ 31.9, with a market capitalization of $ 1.9 billion. Here, the total volume of trade in the last 24 hours has been recorded at over $ 633 million.

1 hour

LTCUSD 1 hour candelabras | Source: tradingview

In the candlesticks for Litecoin one can see a sharp uptrend from $ 24.2 to $ 29.8. Posting this upward trend, two main violations of resistance levels were observed, in which the level of $ 30.9 was broken to reach the resistance level of $ 31.9. Even this last one was broken, setting the current resistance point at $ 32.6.

The Parabolic SAR it's extremely bullish on the token when the dots line up beneath the chandeliers.

The Aroon indicator it is also seen that it is giving the green trend an advantage over the downward trend. The indicator is bullish as the upward trend is stronger than the downtrend.

The Awesome Oscillator It is also positive about the fate of LTC. The bars are currently green to project a bullish presence.

1 day

LTCUSD 1 day candlesticks | Source: tradingview

In the longer scenario of one-day candlesticks, Litecoin is witnessing a serious downtrend from $ 56.4 to $ 31 which may take time to recover. Here, the most immediate level of support is suspended at $ 23.4 to keep the price from slipping below the respective level.

The Bollinger bands to suggest that volatility in the LTC market will not increase as the bands are running parallel to one another. However, there is a sufficient gap to make prices fluctuate in the tunnel model.

The RSI it is very bullish on the cryptocurrency as the reading line moves into the bullish zone. The purchase activity in the market is increasing, benefiting from the value of Litecoin.

The MACD he also took the bullish models as he made a positive crossover from the signal. The reading line is moving higher to confirm its position.

Conclusion

In this technical analysis, all the indicators used in both time intervals gave a green signal for the LTC price trend to move forward. However, market volatility has not received a strong forecast starting now.

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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.