litecoin [LTC/USD] Technical analysis: the Christmas rally seems to have impressed the daily charts

Litecoin has detected Bitcoin Cash in a frenetic way recently, but has now decided to go back and become the eighth largest cryptocurrency according to CoinMarketCap data.

Litecoin is currently listed at $ 32.32, with a market capitalization of $ 1.92 billion. The 24-hour trading volume is $ 587 million.

1 hour

Source: TradingView

Litecoin's bullish trend is now extending from $ 23.54 to $ 31.03, while the downtrend has been exhausted following the recent rally and extends from $ 35.32. for $ 32.82. Litecoin's prices moved away from support at $ 22.49 higher against resistance at $ 26.31, $ 29.70 and $ 31.77. Resistance at $ 31.77 is being tested.

The Parabolic SAR the indicators created above the price candles indicating a bearish pressure at prices.

The MACD The indicator shows a massive bearish crossover for Litecoin prices indicating that the short rally has ended.

The Awesome Oscillator shows spike retreating above the zero line, indicating a probability of an imminent bearish crossover.

1 day

Source: TradingView

The one-hour diagram looks the same as the downtrend from $ 125 to $ 32.36, with no bullish trend yet to be formed in the longer time frame.

Support for Litecoin in the space of a day is seen to rise sharply to $ 22.84, while resistance lines at $ 62.63, $ 101.11 have yet to be tested.

The Aroon the indicator shows an upward trend to all effects in progress while the Aroon line up reached the 100 line, while the Aroon downline has been exhausted and sunk towards the bottom.

The Chaikin cash flow is being recovered from the oversold zone due to the short-term rally, which indicates that money is entering the market.

The Relative strength index it also shows a recovery, as it has risen above the 50-line line, which indicates that the dynamics of buy-moment are increasing in the Litecoin market.

Conclusion

The graph of an hour shows that the bulls have run out of juice, as indicated by the SAR, MACD and AO indicators. The one-day chart shows more promises than the graph of an hour as it is bullish, which is indicated by Aroon, CMF and RSI.

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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.