Home / Litecoin / litecoin [LTC/USD] Technical analysis: the momentary takeover by the bulls did not paralyze the bears

litecoin [LTC/USD] Technical analysis: the momentary takeover by the bulls did not paralyze the bears

litecoin [LTC] he had to face some difficulties because he was overtaken by Bitcoin SV and pushed to ninth place by the bear market. However, Litecoin's ninth place was temporary, as he did recover and is now stable as the seventh largest cryptocurrency in the world.

Litecoin, at the time of writing, was trading at $ 34.32 with a 24-hour change of 4% on the green side. The market capitalization is above the $ 2 billion line.

1 hour

Source: trading view

Litecoin, from the chart of an hour, shows a downtrend ranging from $ 41.62 to $ 35.32 and an uptrend from $ 28.78 to $ 33.18. Litecoin's prices broke resistance at $ 31.68 and touched the next immediate resistance at $ 35.29. Support at $ 27.25 is growing strongly as prices have started rising since 27 November.

The MACD the indicator is going through a bearish crossover when prices have started to fall. The histogram for MACD shows red bars hanging below the zero line.

The Stochastic the indicator burned the bearish crossover because it is below the 30-line line.

The Chaikin cash flow it is slightly above the zero line, which shows that buyers still have control of the Litecoin market.

1 day

Source: trading view

The one-day chart for Litecoin shows a small increase, with a bullish trend yet to be formed. The downward trend, however, extends from $ 125 to $ 34.43. Litecoin surpassed support at $ 37.39 and set a new low for support at $ 28.26. The resistance points at $ 63.11 and $ 101.11 seem too far away because prices violate them, which is highly unlikely in the current bear market.

The Parabolic SAR the indicators seem surprisingly bullish as they generated below the price candles, which represents an uptrend, no matter how small.

The Awesome Oscillator shows a bearish crossover at the bottom, but also a transition of green lines in red lines. The overall AO indicator is that short-term dynamics are dropping faster than the long-term momentum.

The Aroon the indicator shows a clear dominance of the downward trend and the depletion of Litecoin's uptrend.

Conclusion

The MACD and Stochastic indicators show a bearish outlook for Litecoin, while the CMF continues to ride with the bulls. The SAR is the only bullish indicator on the one-day chart show, while Aroon and AO show a bearish presence.


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