Litecoin [LTC/USD] Technical Analysis: The bear to further devour the market?

The cryptocurrency market has again resumed with its sideways trend after experiencing massive volatility last week. The prices of all big coins, such as Bitcoin [BTC], Ethereum [ETH], XRP, Tron [TRX], among others took a flight by close to 10% in a day. On the other hand, Litecoin [LTC] touched a hike of over 12% yesterday.

At the time of writing, Litecoin was floating in the green zone, up by merely 0.04%. It is currently trading at $54.99 with a market cap of $3.23 billion and a 24-hour trading volume of $319.6 million.

1 hour:

Litecoin 1-hour price candles | Source: tradingview

Litecoin 1-hour price candles | Source: tradingview

In the 1-hour timeframe of LTC candlesticks, the support is set at $50.49, with the resistance at $55.36, according to upward and downward trend lines. The lines have been observed to converge soon, causing a breakout in the LTC price trend.

The Parabolic SAR is responding negatively to the LTC market, currently suggestive of the bear-rule. The dots appear to be aligned over the candlesticks, pushing the trend further down.

The Awesome Oscillator has turned red as of now and is warning against a depreciating market for Litecoin. This, however, is also possible because of the current sideways trading market.

The third indicator, i.e., Chaikin Money Flow has moved away from the mentioned predictions and is betting on a bull market for the cryptocurrency. It is currently floating above the 0-mark and ready to take an uptrend approach.

1-day:

Litecoin 1-day price candles | Source: tradingview

Litecoin 1-day price candles | Source: tradingview

In the 1-day scenario of LTC price, the support fixed at $50.33 is barely able to hold the price above the line. Furthermore, the resistance line ranging from $177.73 to $59.25 is about to form a descending triangle with the support.

The Bollinger Band is indicating an upcoming wave of volatility as it has narrowed its neck to welcome the price fluctuation which could be a little dramatic.

Meanwhile, the MACD does not look enthusiastic about a positive prediction as well. It has made a bearish crossover by the signal line and is running underneath.

The RSI is with MACD on its skepticism towards a healthy LTC market. This indicator is also floating in a depressed space, going for a bear-market prediction.

Conclusion:

In this technical analysis, it has been noted that most of the indicators are leaning towards a bearish flow of the Litecoin price. However, the 1-hour candlesticks are hopeful of entering the green-zone, as predicted by the Chaikin Money Flow indicator. The chances of a positive event, however, look bleak even in that scenario.

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