Litecoin [LTC] Price Analysis: Bullish expectations in check as LTC recovers from bear attack

Litecoin’s [LTC] road to recovery since early January slumps seemed to have been going well when it was hit by a sudden bear attack that stalled its momentum. In fact, in contrast to the market’s steady growth over the past few days, the LTC market has witnessed a negative growth rate of 3.66% over the past 24 hours.

The bear attack early today has led to Litecoin [LTC] losing the sixth position in the list of the the world’s largest cryptocurrencies. It now stands at the seventh position, with a market cap of $1.99 billion. LTC has had a 24-hour trading volume worth $744 million, with Coineal contributing to 7.01% of it, via the trading pair LTC/BTC. At the time of press, Litecoin [LTC] is valued at $32.99.

1-hour

Source: TradingView

The one-hour graph suggests that a sudden bear attack has stalled the bull’s run. The resulting downtrend extends from 34.03 while the prevailing uptrend extended from $30.75 to $33.58. The previous support point was breached and now stands at 32.30 while the resistance point remains firm at $34.07.

The Parabolic SAR has its markers well above the candlesticks. This suggests that that bears have claimed control of the LTC market which now has a bearish trend. However, the candlesticks do suggest that the bulls may be offering some resistance.

The Relative Strength Index indicates that the LTC market was being oversold when the RSI line dipped below zero under the bear attack. However, it seems to be creeping above zero at the time of press, suggesting that the buying and selling pressures may be evening themselves out.

The Klinger Oscillator suggests that the bulls are recovering from the early morning bear attack but that it remains a bearish market.

1 day

Litecoin [LTC] Price Analysis: Bullish expectations in check as LTC recovers from bear attack

Source: TradingView

The 1 day chart for the LTC market reflects some level of control on volatility and some stability over the past few weeks. The uptrend extended from $23.38 to $30.69. However, it’s still a long way from overhauling the downtrend that extended from $57.24 to $28.59. Both the support point at $27.68 and the resistance point at $39.14 hold firm presently.

The Bollinger Bands are neither expanding or contracting. This suggests that volatility is holding steady at the moment in the LTC market.

The Chaikin Money Flow suggests that despite bear attacks, cash has been flowing into the LTC market in the month of February.

The MACD Index has the blue MACD line trending just above the green signal line since the bullish crossover in February. This suggests that the longer-term future of the Litecoin market may have a bullish outlook.

Conclusion

The 1 hour chart, using indicators such at the Parabolic SAR, Klinger Oscillator and RSI suggest that the bears have stalled the bulls’ steady march upwards. On the other hand, indicators such as the Bollinger Bands, CMF and MACD suggest that the longer-term future of the coin remains slightly bullish.

Be the first to comment

Leave a Reply

Your email address will not be published.


*