litecoin [LTC/USD] Technical analysis: Cryptocurrency to recover from the unexpected bear attack

The cryptocurrency market has seen a sudden drop in the last 24 hours, in which Bitcoin [BTC] fell below the $ 4000 mark. At the time of printing, Litecoin [LTC] it is trading at $ 33.26 with a market capitalization of $ 1.9 billion. The LTC daily statistics show a loss of 4.9%, however the cryptocurrency continues to flash green on the weekly chart with a 3% gain.

1 hour:

LTC Chart 1 hour | Source: TradingView

The Litecoin time table shows a massive downtrend from $ 41.6 to $ 39.8 and $ 36.557 to $ 33.54. The sudden fluctuation of prices created strong resistance points at $ 39.7 and $ 41.6. Also, in this time frame, there is a slight uptrend between $ 32.4 and $ 33.1 with a support point at $ 33.

The Parabolic SAR showed an unexpected fall a few hours back by pushing the candelabras down. However, the indicator is currently forming the points under the candelabras that depict a slight recovery from the main fall.

Chaikin cash flow has maintained its position above the zero line even when the price has dropped and continues to be positive. This indicates that there is a large amount of business entering the LTC market.

The MACD he also took a bearish crossover a few hours back. It can be seen that the moving average line has now taken a bullish crossover and is currently moving upward along with the signal line.

24 hours:

LTC 1 day | Source: TradingView

The daily statistics of Litecoin show a downward trend that ranges from $ 74.7 to $ 40.2 with resistance points set at $ 66.8 and $ 56.34. In this time frame, the cryptocurrency also shows a potential upward trend going from $ 23.4 to $ 33.3.

The Aroon indicator is showing the dominance of the uptrend when Aroon's line up touched the 100-line. The Aroon down down reached level 0 indicating a bullish momentum for the cryptocurrency.

The Relative strength index it is currently moving into the RSI area, indicating that the inflow of money into the LTC market is stable over this timeframe.

The Awesome Oscillator shows a slight transition to the red bars, however, has maintained the formation of the bars above the zero line. This indicates that there is not much fluctuation in the price of cryptocurrency.

Conclusion:

Technical analysis shows that, although LTC suffered from a severe short-term fall, the indicators are in favor of a rapid recovery and a long-term uptrend.

Follow us on Telegram | chirping | Facebook

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.