Litecoin [LTC/USD] Technical Analysis: Bears to hinder the bull’s green run

Fibo Quantum

Litecoin [LTC], the seventh-largest cryptocurrency in the world, is currently experiencing a red price trend. Unlike most of the coins that are reflecting sideways movement, LTC is showing a drop of 2.15% on the charts.

At the time of writing, the token was trading at a depreciated price of $50.75, with a market cap of merely $3 billion. The 24-hour trading volume was recorded at $414.3 million.

1-hour:

LTCUSD 1-hour candlesticks | Source: tradingview

In the one-hour scenario, a downtrend extends from $55.7 to $51.14, whereas the uptrend can be observed from $49.88 to $50.15. An upcoming intersection is apparent between the two trend lines, hence, predicting a trend breakout in the price.

The Parabolic SAR has turned bearish on the LTC market. The dots have moved above the candles to negate the positive price prediction for the market.

The Awesome Oscillator is also glowing red, flashing a warning sign at the price trend.

The MACD was running bullish but is in the middle of a bearish crossover by the signal. The reading line is approaching downwards to indicate a red trend.

1-day:

In the one-day time frame, the trendlines are noticeable from $89.18 to $55.9 [downtrend] and $48.47 to $50.8 [uptrend]. However, a trend breakout cannot be predicted in this timeline as the point of intersection between the two trendlines is still distant.

The Bollinger Bands are shrinking at a steady pace, indicating a lower volatility in the LTC market. The bands are following a tunnel path without showing signs of any pattern-change.

The RSI hit the bullish zone but is crashing at the moment. The indicator appears to be switching sides to support a bearish run for the cryptocurrency.

The Chaikin Money Flow is in tune with all the above indicators to join the bull’s funeral. At present, the reading line is collapsing into purgatory, below the 0-mark.

Conclusion

All the indicators used in the technical analysis are betting on a bearish Litecoin price trend. The Bollinger bands are attenuating the severity of the prediction by announcing lower volatility for the cryptocurrency.


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Priyamvada Singh


Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.