Litecoin [LTC] Price Analysis: Bear’s grasp over the coin tightens

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With a total market cap of only $120 billion, most of the crypto assets on CoinMarketCap are now in the red. Despite last week’s surge, digital currencies have stepped back, falling behind support levels, including Litecoin [LTC], which currently stands fourth after a sudden flip last week.

The silver crypto opened at $43.83 and traded at a high of $44.51 before falling down to $41.42 and finally, closing at a low, recorded at $42.00.

The pair LTC/BTC has been trending on five different exchanges. Leading the way was OKEx, with a 24-hour volume of $63.91 million. The second exchange platform on the list was Coineal, with a volume of $57.63 million, was followed by DigiFinex with a volume of $56.63 million.

At the time of writing, the market capitalization held by LTC stood at $2.51 billion. LTC was valued at $41.56, with a volume of $1.09 billion. The fourth-largest coin displayed a slip of 2.15% in the past 24 hours.

1-hour:

Source: TradingView

An uptrend from $43.01 to $43.67 has been recorded for the coin on the hourly chart. The downtrend for the same has been recorded from $46.52 to $43.68. The resistance is marked at $42.35, while the support is at $40.78, which is uncomfortably close to the price of the coin.

Parabolic SAR: Dotted markers are placed above the candles, suggesting a bearish phase for the silver coin.

Chaikin Money Graph: The CMF is trending just below zero, suggesting that money inflow is lower than the outflow.

Klinger Oscillator: With the reading line looking to move over the signal line, the KO indicator predicts a potential bullish crossover soon.

1-day:

Source: TradingView

An upward trend from $23.25 to $30.68 and a massive downward trend from $55.91 to $38.87 has been recorded on the altcoin’s one-day chart. The immediate resistance noted for this time period is marked at $46.48 and the support point is at $38.67.

Bollinger Bands: The diverging Bollinger Bands suggest a high probability for a significant price fluctuation in the LTC market.

Awesome Indicator: The lines are slowly turning red, indicating that the price momentum is moving towards a bearish phase.

MACD: The MACD line is placed above the signal line. This suggests that a bullish market may soon be in the offing.

Conclusion:

Parabolic SAR, CMF, AO indicators all paint a bearish picture for the LTC market. However, a faint bullish trend is predicted by the KO and MACD indicators. Price movement for the coin seems inevitable as the Bollinger Bands suggest some price volatility in the future.