Home / Litecoin / litecoin [LTC/USD] Technical analysis: the bulls prepare for ascension after hunting the bears

litecoin [LTC/USD] Technical analysis: the bulls prepare for ascension after hunting the bears

There are speculations in the crypted space that a race of bulls has already begun. Bitcoin and other altcoins like Litecoin are starting to rise instead of going sideways in shorter times.

Litecoin has achieved good results and has increased by 7% in the last seven days. At the time of printing, Litecoin was trading at $ 53.24, with a market capitalization of $ 3.14 billion.

1 hour

Source: trading view

Litecoin has been consistent with its uptrend and has increased its range in the same direction. It extends beyond the price range from $ 48.17 to $ 53.10, with a small break going on between.

Prices rebounded to the support line for $ 52.75. The last support remained stable at $ 48.17. Prices have broken resistance previously set at $ 55.18, creating a new resistance at $ 55.88.

There is a small downward trend seen with the Parabolic SAR markers that generate above the candles, indicating a bearish presence.

The RSI the indicator is below the 40 line, indicating that the sellers have control of the market.

The RVGI and the signal lines have been constantly setting lower peaks that mimic prices and there is a bearish crossover seen as a result.

1 day

Source: trading view

The downward trend has not lost its dominion in a longer time. The trend starts at $ 177.74 and extends to $ 55.98.

Long-term support is stable at $ 48.45, but prices, as in the short term, have broken the previously established resistance to $ 53.53 and are slowly increasing. Long-term resistance is set at $ 68.35, $ ​​89.02 and $ 125.

The Bollinger bands indicates a slightly bullish trend as candle prices are forming above the exponential moving average. The squeeze is over and expansion is underway, indicating the increase in market volatility.

The Aroon the indicator shows a strong upward trend at play while Aroon has reached line 100. The Aroon downline is slowly moving downwards indicating the weakening of the downtrend.

The MACD the indicator shows a clear bullish signal with a bullish crossover seen and the histogram representing the constantly rising green bars above the zero line.

Conclusion

The graph of an hour indicates an emerging bearish trend and the indicators show the same. Contrary to the graph of an hour, the one day chart is positive, since Aroon, MACD and Bollinger indicate an uptrend.


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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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