The cryptocurrency market is seeing something of a mixed response with the bear and the bull resulting in a roller coaster price chart. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] have seen both bearish and bullish runs since the markets opened today.
At the time of writing, the trend lines on Litecoin [LTC] indicated an upward turn, a clear sign of a bullish run. The support held at $52.35 after it rose from a low of $51.35.
The MACD indicator shows multiple crossovers with the last crossover indicating a bearish drop. The signal line and the MACD line both show Litecoin tending towards the realm of the bear. The MACD histogram reveals a sporadic bullish and bearish graph pattern.
The Awesome Oscillator, which describes the market momentum, paints a picture of the market momentum dropping. The intermittent momentum rises are still not enough to counteract the effects of thee bear reducing the buying selling power of the Litecoin market.
The Bollinger bands show that LTC is in the midst of recovering from a price outbreak. The indicator also reveals that Litecoin has fallen to its lowest support in over a year at $50.48. The bands show that the entire price movement s was contained within the Bollinger cloud, albeit just one bearish drop that broke the support.
The Parabolic SAR shows a mix of bullish and bearish signs with the cryptocurrency majorly leaning towards more drops.’
The Relative Strength Index [RSI] indicates that Litecoin has dropped towards the oversold zone indicating an increase in selling pressure more than the buying pressure.
The analysis backed by the indicators such as the MACD, RSI, and the Bollinger bands show a bearish trend for Litecoin [LTC]. This was further evidenced by the Parabolic SAR as well as the Awesome Oscillator.
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