litecoin [LTC/USD] Technical analysis: bulls ready to win the battle against the bear

litecoin [LTC], the seventh largest cryptocurrency by market capitalization, has remained at the edge of the cliff for a few days. The cryptocurrency has undergone a huge decline since it reached its peak at the start of this year.

According to CoinMarketCap, at the time of printing, the currency was trading at $ 50.57 with a market capitalization of over $ 2 billion. The currency traded a volume of 437 million dollars and in the last seven days witnessed a decline of 6.88%.

1 hour:

litecoin [LTC] price chart of a & # 39; hour | Source: trading view

The graph of an hour showed that the currency saw a downtrend from $ 53.51 to $ 52.21, and further dropped from that point to $ 50.30. The chart also shows that it has an upward trend from $ 49.88 to $ 50.11.

The currency will be the first to have a clear point of immediate resistance, which is set at $ 50.36, in order to reach the next level of the game, ie the strong resistance at $ 52.21. The cryptocurrency has a strong support of $ 49.81, which will play a key role in the game of bulls against bears.

Parabolic SAR he showed that he started to gain interest in the game and is currently the first hand of the bull because the points were lined up under the candlesticks.

Chaikin cash flow it was right next to the Parabolic SAR, supporting the bull by pumping more money into the market.

however, the Bollinger bands has shown that the game will not be exceptional as the bands are contracting, showing a less volatile market.

1 day:

litecoin [LTC] price chart for a day | Source: trading view

The one-day chart showed that there was a downtrend from $ 121.59 to $ 55.87. It also showed an upward trend from $ 48.45 to $ 52.03. The coin must first cancel the immediate resistance level set at $ 55.87. By succeeding in this, you will have to prepare to kill the strong resistance, which is $ 89.15. The cryptocurrency will be supported by $ 48.45 if it falls on the battlefield.

The RSI indicator showed that buying pressure and selling pressure are currently meeting on the market.

MACD he is preparing for the battle, showing his bear support as the open moving average line below the signal line.

However, the Klinger Oscillator is set to entertain investors by showing their support to the bull, since the reading line was above the signal line.

Conclusion

The bull and the bear are ready to face the market. Currently the bull is supported by Parabolic SAR and CMF from the one hour chart and Klinger Oscillator from the one day chart. The bear is only supported by MACD from the one-day chart.