Litecoin [LTC/USD] Technical Analysis: Market to proceed upwards with minor downturns?

In the current bullish marathon of the cryptocurrency market, the seventh largest coin, Litecoin [LTC], has hiked by 10% wherein the token is trading at $36 with a market cap of $2.16 billion. The total trade volume in the past 24 hours is observed at $612.9 million.

1-hour:

LTCUSD 1-hour candlesticks | Source: tradingview

In the 1-hour candlesticks of Litecoin, the graph is witnessing an uptrend that ranges from $25.2 to $29.8. Post this, the token crossed the $30 mark wherein the resistance level was set at $32. The LTC price trend broke out above the resistance point, setting the immediate and stronger level at $36.1.

The Parabolic SAR is currently bullish on the cryptocurrency. This is evident by the alignment of the dots below the price candles.

The Aroon Indicator is showing more strength in the green trend as of now. However, the uptrend is slowly losing power over the downtrend and might see a trend reversal. Furthermore, the red trend is moving further up, ready for a victorious swap.

The Awesome Oscillator is bearish on the matter as the bars have turned red to launch a warning for the LTC market.

1-day:

LTCUSD 1-day candlesticks | Source: tradingview

LTCUSD 1-day candlesticks | Source: tradingview

In the longer time frame, the LTC candlesticks are experiencing a steep downtrend of $55.8 to $33 wherein the support level is currently set at $22.8. There is no possibility of a trend breakout as of now as the price concentration is not visible.

The Bollinger Bands are diverging to form a broader spectrum for Litecoin prices to fluctuate. A higher volatility in the price trend can be expected.

The RSI indicates a tremendous increase in buying pressure over the selling pressure due to the recent price uptrend.

The MACD is also bullish on the token as the reading line has just made a crossover by the signal. Therefore, the positive stance of the indicator is confirmed.

Conclusion:

In this technical analysis, the indicators used in the shorter timeline are bearish on the cryptocurrency while the 1-day time frame is speculating a positive outlook for the coin. Furthermore, there is higher volatility expected in the Litecoin market.


Follow us on Telegram | Twitter | Facebook


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.

Crypto Destroyer