Litecoin [LTC] Technical Analysis: No winners yet as bulls and bears reach a temporary stalemate

The cryptocurrency market, including that of Litecoin [LTC], has shown signs of small recovery over the past few days since the bloodbath over the weekend. Litecoin’s [LTC] growth rate over the past 24 hours, in fact, is a decent 0.16%.

At the time of press, LTC remains the world’s seventh-largest cryptocurrency, with a market cap of $1.897 billion. The LTC market saw a 24-hour trading volume worth $686 million with ZB.com contributing a significant 8.24% of it via the trading pair LTC/USDT. The cryptocurrency is presently valued at $31.50.

1-hour

Source: TradingView

In the one-hour chart, it can be seen that the healthy uptrend that extended from $30.03 to $31.02 has stalled somewhat over the past few trading cycles. However, there’s a good chance that a similar uptrend can soon wipe out the downtrend that extended from $32.56 to $30.40.

The last few trading cycles have seen the support point at $31.35 crumble and it now can be found at $31.01. On the other hand, the resistance point is firm at $32.04.

The Parabolic SAR has its markers above the candlesticks in the more recent trading cycles, suggesting that the LTC market has dipped and it is now bearish.

The Aroon indicator has the Aroon Up Line in blue well over the Aroon Down Line in green, suggesting that LTC market despite recent shortfalls is going to be bullish.

The MACD graph indicates that there has been a bearish crossover as the reading line is well above the MACD line. However, contrary to the reading of the MACD line, the histogram accompanying the graph isn’t red and is instead, suggesting some bullish movement.

1-day

Litecoin [LTC] Technical Analysis: No winners yet as bulls and bears reach a temporary stalemate

Source: TradingView

The one-day chart has the LTC market still recovering from the huge downtrend that extended from $53.36 to $23.17 since last August. The uptrend has been slow and sluggish, extending from $23.38 to $30.69 over the course of the month.

Both the support point at $29.78 and resistance point at $39.17 hold firm for the time being. However, the former may be overhauled if the market dips even more.

The Bollinger Bands have contracted significantly over the past few trading cycles. This suggests that volatility is falling and that any price movement will be merely superficial or sideways.

The Awesome Oscillator is trending right around the zero mark line. This suggests that despite the fact that it’s in green, any bullish movement may just be short-term before being overhauled by the bears again.

The Chaikin Money Flow shows the reading line below zero, suggesting that money is still flowing out of the market. However, considering the fact that the line is creeping up towards the zero-mark, it would seem that some bulls are buying back into the market.

Conclusion

The projections offered by both the short-term and longer-term, one-day graph suggests contrasting conclusions. While the indicators on the one-hour graph are sending mixed signals about whether the Litecoin [LTC] market is bullish or bearish, the one-day chart is much more clearer. It suggests that a stalemate has taken shape where neither the bears nor the bulls are assuming control.

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