LTC Technical Analysis: Bulls and bears at an impasse as some short-term joy beckons

The cryptocurrency and the Litecoin [LTC] market has recovered somewhat from the bear attack that hit the market between January 9th-10th and the last weekend. Litecoin has in fact, registered a steady growth rate of 1.31% over the past 24 hours.

At the time of press, LTC remains seventh on the list of the world’s largest cryptocurrencies with a market cap of $1.916 billion. It had a 24-hour trading volume of $662 million, with the exchange ZB.com contributing a good 8.96% of the volume via the trading pair LTC/USDT. An LTC coin is presently valued at $31.95.

1-hour

Source: TradingView

The one-hour chart for the LTC market suggests a gradual momentum to the uptrend that has extended from $30.03 to $30.68. However, it is yet to completely overhaul the losses accrued to the downtrend that existed from $33.23 to $30.65. Both the support point at $30.63 and resistance point at $32.04 hold firm for the time being.

The Parabolic SAR has its markers below the candlesticks, suggesting that the market is set to move upwards and that the bulls have certainly taken some form of control.

The Bollinger Bands are expanding a bit after a few trade cycles where they weren’t expanding or contracting. This suggests that some volatility in the market is imminent and that the price of the LTC is likely to go up.

The Klinger Oscillator has the reading line trending above the signal line, suggesting a bullish trend to the market.

1-day

LTC Technical Analysis: Bulls and bears at an impasse as some short-term joy beckons

Source: TradingView

The long-term chart suggests that the LTC market is yet to wipe out the downtrend that extended from $51.71 to $23.17. However, some bullish activity has helped the market recover somewhat and post an uptrend that extended from $23.28 to $30.68. The resistance point at $39.18 holds firm. However, the support point at $29.75 stands at a risk of being breached.

The Awesome Oscillator suggests that neither the bulls nor the bears have any real momentum to take control of the market.

The Relative Strength Index suggests that both the buying and selling pressures in the LTC market have evened themselves out.

The MACD graph has both the MACD line and the signal line very close to each other, with neither the bulls or bears having any real momentum (as is reflected by the histogram). This suggests the same conclusion as the one suggested by the RSI index.

Conclusion

Indicators such as the Parabolic SAR, Bollinger Bands and Klinger Oscillator suggest that there may be some short-term joy for the LTC market while the bulls enjoy a brief run. On the other hand, there is no clear projection for the 1-day chart, which uses indicators such as the Awesome Oscillator, RSI and MACD to suggest that both the bulls and the bears remain at an impasse.

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