Litecoin [LTC] Price Analysis: Market in the green as bulls consolidate their position

Litecoin [LTC] seems to be steadily reversing its losses incurred over the past six months and has posted some good gains over the past few days. In fact, the Litecoin [LTC] market has grown by 1.45% over the past 24 hours.

At the time of press, Litecoin [LTC] holds on to the 6th position in the list of the world’s largest cryptocurrencies, a position it took from Tether with a present market cap of $2.061 billion. It had a 24-hour trading volume worth $711.3 million, contributed significantly by Coineal (8.16%) via the trading pair LTC/BTC. Presently, the coin is priced at $34.17.

1 hour

Source: TradingView

The 1-hour chart for LTC suggests a good bullish run for the coin, with the uptrend extending from $30.68 to $33.49, despite a brief downtrend that extended from $34.17 to $33.23. The support point has remained stable at $32.82 since yesterday while the bulls have pushed the resistance point to $34.25.

The Parabolic SAR shows a series of markers below the candlesticks, suggesting that the bulls were on a good run. Despite the fact that the last few markers indicate some bearish resistance, it seems it is unlikely to last.

The Relative Strength Index indicates that both the selling and buying pressures in the LTC market have evened themselves out.

The MACD Index has the signal line creeping above the MACD line marginally, suggesting some bearish activity may be in the offing.

1 day

Source: TradingView

The 1-day chart for the LTC market suggests that it has displayed relative stability over the past few weeks. However, the LTC market is still to fully recover from the downtrend that extended from $52.19 to $28.59. The uptrend has consolidated itself and extends from $23.38 to $30.67. Both the resistance point at $39.20 and support point at $27.72 hold firm.

The Bollinger Bands have expanded just a little, suggesting there may be a little volatility and since the candlesticks suggest some bullish activity, such movement may be upwards.

The Klinger Oscillator suggests that the bulls are retaking some form of control from the bears.

The Chaikin Money Flow indicates that some bullish activity has allowed money to flow back into the LTC market.

Conclusion

The 1-hour chart, using indicators such as the Parabolic SAR, RSI and MACD suggest that there has been some recent bearish activity in the LTC market. However, this may be short-lived as bulls retain the momentum. So is the conclusion with respect to the 1-day chart which uses indicators such as the Bollinger Bands, Klinger Oscillator, and Chaikin Money Flow to suggest that the bulls are preparing to consolidate their position in the LTC market.

Crypto Destroyer

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.