litecoin [LTC/USD] Technical analysis: the long-term fate of cryptocurrency must be regulated by bullish feelings

litecoin [LTC], the eighth largest cryptocurrency according to CoinMarketCap, floats in red space on the price chart. Furthermore, the currency was superseded by Tether [USDT] again.

At the time of writing, Litecoin was trading at a depreciated price of $ 29.17, with a market capitalization of $ 1.74 billion. Here, the total volume of token exchanges in the last 24 hours was recorded at $ 410.5 million.

1 hour

LTCUSD 1 hour candelabras | Source: tradingview

In the technical analysis of Litecoin candelabras, an acute downtrend has been identified from $ 35.9 to $ 29.7, while the current level of support is set at $ 27, 6. Price concentration has packed the market, preparing it for a trendy breakout.

The Parabolic SAR it is bearish on the cryptocurrency because the points are aligned above the price of candles to give a negative price forecast.

The Aroon indicator it is also bearish on the LTC market because the downward trend is stronger than the upward trend on the chart where the green trend has crashed.

The Relative vigor index is the only indicator standing with the Litecoin market in which the RVGI has made a bullish crossover from the signal.

1 day

LTCUSD 1 day candlesticks | Source: tradingview

Litecoin candles have a downward trend of $ 55 to $ 32.9 in one day, while support is set at $ 22.8. However, in the long term there is no possibility of a trend breakout because the price concentration is not yet visible.

The Bollinger bands at the moment they are recording a high pressure of purchase in the LTC market while the reading line travels in the purchase area to climb higher.

The Chaikin cash flow it also tends to rise upward to indicate a healthy buying activity in the market. The reading line is currently approaching upwards to overcome the 0 mark.

Conclusion

In the technical analysis, it has been observed that the cryptocurrency will remain bearish in the short term, but will soon become bullish in the general picture. However, not much volatility is expected in the near future.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in journalism and communication at Manipal University, she believes that blockchain technology is a revolutionary tool for advancing the future. Currently it has no value in cryptocurrencies.