litecoin [LTC/USD] Technical analysis: bulls thrive in the green area

The cryptocurrency market has resumed a volatile approach in which all large currencies are behaving in their own way.

At the time of writing, Litecoin [LTC], the seventh largest currency in the world was traded at $ 54.22 with a market capitalization of $ 3.2 billion. The currency floated in the green and saliva zone of 1.22% with a total trading volume of 24 hours equal to $ 371 million.

1 hour:

LTCUSD 1 hour candelabras | Source: tradingview

In the 1-hour LTC chart, the candlesticks see the resistance level set at $ 55.2. The support line extends from $ 50.73 to $ 53.81, marking a rally in Litecoin's price performance. However, a trend breakout is not yet visible.

The Bollinger bands they are widening its gap to give rise to market volatility. It is clear that the Litecoin market will fluctuate more vigorously than before.

The RSI rebounded after crashing into the overbought area and is currently recovering an uphill road. Thus, the indicator is bullish on the LTC price trend.

The Chaikin cash flow he mentioned the aforementioned prediction and is climbing to overcome the 0-mark.

1 day:

LTCUSD 1 day candlesticks | Source: tradingview

In this scenario, the downtrend goes from $ 63.22 to $ 53.97 while support is set at $ 48.47. Since September, Litecoin has broken two main stands set at $ 51.58 and $ 50.55 respectively. Candles are forming a descending triangle in the LTC market, detecting a serious downward trend.

The Parabolic SAR is bullish on the cryptocurrency. The dots are flashing with a green mark, currently aligned under the candlesticks.

The Awesome Oscillator it is also green and promotes a positive price trend for Litecoin.

Finally, the Klinger Oscillator made a bullish crossover in his last cut from the signal. At present, the indicator travels within the territory of the bull.

Conclusion:

In this technical analysis, all the indicators used have provided a bullish run for the Litecoin market. The price trend is also hypothesized to see much volatility as claimed by the Bollinger Bands.

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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.