Litecoin [LTC/USD] Technical Analysis: Bulls nowhere to be found in the bear dominant market

Litecoin [LTC] has been consistently moving sideways like almost all other altcoins, with no sign of a bull run. The price is starting to touch the long-term support, indicating that the downward pull is yet to subside.

1-hour

Source: Trading View

Source: Trading View

The downtrend in the hour chart is clearly visible with a break at October 26 due to a spike in the prices. The upwards price variation is in the range of $51.54 to $52.56, with the current price at almost stagnating at $51.49.

The Parabolic SAR markers in the 1-hour chart have aligned below the candles, indicating a move upwards.

The MACD line has crossed over the signal line on October 29, indicating a bullish trend.

The Chaikin Money Flow [CMF] can be seen heading towards the zero line after a short ride in the positive space. The money is moving out of the market, and hence a bearish market is forecast.

1-day

Source: Trading View

Source: Trading View

Similar to the one-hour chart, the downtrend is significant since June, with the price ranging from $125 to $51.82. The long-term support is being slightly penetrated.

Bollinger Bands are on a squeeze, with the bands getting closer, indicating a reduction in volatility and a bearish move.

The RSI indicator is moving steadily to the bottom, indicating a dominance of sellers over the buyers, resulting in a bearish move.

The Stochastic indicator has bottomed, indicating an oversold market. However, the stochastic line is about to cross the signal line, indicating a possible bullish move.

Conclusion

In the one-hour chart, the Parabolic indicator as well as the MACD shows a bullish move, but CMF indicates otherwise. The Bollinger bands and RSI in the one-day chart are indicating a bearish move, but the Stochastic indicator is indicating a possible bullish trend.

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