litecoin [LTC/USD] Technical analysis: Cryptocurrency to move forward with long-term bulls

The cryptocurrency market seems to have recovered from the bearish success after Bitcoin [BTC] has passed the $ 4000 milestone this Sunday. Most digital resources showed a significant surge in the last week. litecoin [LTC] is one of the best earnings for the week with a massive increase of 31.5%.

At the time of printing, LTC traded at $ 40.53, with a market capitalization of $ 2.4 billion. The cryptocurrency is currently in sixth place on the market list right under EOS. It also showed a 6.2% increase in daily statistics. About 10% of the trading volume is seen in an exchange called Bit-Z for the LTC / BTC trading pair.

1 hour

LTC Chart 1 hour | Source: TradingView

The LTC hourly chart shows a significant upward trend ranging between $ 33.62 and $ 40.65 – $ 41.76, with a support point set at $ 29.63.

The Parabolic SAR represented an upward and downward merger since the LTC was on its sideways movement. However, the indicator is currently forming the points under the candelabra showing an uptrend.

The Awesome Oscillator is showing an uptrend for LTC as the green peaks are gathering momentum right now.

Chaikin cash flow It's going upward, indicating that there is a strong inflow of money into the LTC market compared to yesterday's market scenario.

1 day

LTC Chart 1 day | Source: TradingView

The daily graph of Litecoin [LTC] shows a downward trend that ranges from $ 176.76 to $ 40.2 and an uptrend from $ 24.03 to $ 28.03 to $ 38.05. Furthermore, the resistance is formed at $ 96.28 and $ 117.8.

The Bollinger bands he is describing a bullish moment for cryptocurrency while the candlesticks are forming above the moving average line.

The MACD has taken a bullish crossover in which both the moving average and the signal line move upward.

The Relative strength index shows that the purchase pressure is higher than the sales pressure in this time frame as the indicator is moving towards the overbought zone.

Conclusion

All indicators are showing a strong uptrend in the case of Litecoin. However, the divergent Bollinger Bands indicate that there are chances of slight volatility on the market.

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Laira is a full-time writer at AMBCrypto. She is a degree in Computer Science and has about 1 year of writing experience. His enthusiasm and his keen interest in the development of his knowledge on blockchain and cryptocurrency have led her to become part of AMBCrypto. At the moment it has no value in cryptocurrency or in its projects.