Home / Litecoin / litecoin [LTC/USD] Technical analysis: the bears are starting to fall asleep, while the bulls try to make a comeback

litecoin [LTC/USD] Technical analysis: the bears are starting to fall asleep, while the bulls try to make a comeback

Litecoin has collapsed heavily in the recent sell-off, causing prices up to $ 33 and market capitalization of $ 2.02 billion. Over a period of 7 days, Litecoin has fallen by 30%.

The trading volume over a 24-hour period is $ 545.44 million, which is mainly provided by DOBI Trade exchange [11.85%] with the LTC / BTC trading pair. DOBI Trade is followed by OKEx which contributes 16% with LTC / USDT and LTC / BTC exchange pairs.

1 hour

Source: trading view

The downward trend in the chart of an hour extends from $ 49.78 to $ 33.88, while there is a small uptrend from $ 31.68 to $ 33.35. Previous media has been destroyed, Litecoin support is currently set at $ 31.40. There are four resistance points set starting at $ 35.29 and extending up to $ 43.30.

The Parabolic SAR the signs are formed above the candles indicating a downward trend.

The MACD shows a surprising uptrend that emanates from 20 November. The same can be interpreted with the MACD histogram.

The Awesome Oscillator shows a bullish crossover when the green lines have moved from the bottom of the zero line to the top.

1 day

Source: trading view

The downtrend for Litecoin in the longer term ranges from $ 125 to $ 41.85, with no uptrend in sight. Prices in the bear market have destroyed all existing supports. Strength points are set at $ 63.11, $ 67.75, $ 88.99 and $ 101.11.

The Bollinger bands they are undergoing an expansion and prices have fallen below the simple moving average and in the oversold zone.

The Relative strength indicator has deeply immersed himself in the oversold market. There is a small inversion that occurs and can be seen in the one-day chart.

The Relative vigor index shows a bearish crossover that is underway.

Conclusion

The MACD and Awesome Oscillator indicators in the chart at one hour indicate an uptrend while the SAR indicators show a bearish trend. The one-day chart as indicated by Bollinger Bands, RSI and RVGI shows a bearish market for Litecoin.


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Akash is your usual Mechie with an unusual interest in encryption and day trading, ergo, a full-time AMBCrypto journalist. He holds XRP because of peer pressure, but otherwise he found a day of trading with that little capital he owns.


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