Litecoin [LTC/USD] Technical Analysis: Bearish hold sees no end as cryptocurrency continues to fall

The cryptocurrency market has been on a roller coaster with some coins continuing their bearish trudge while a few have witnessed bullish spikes. While Bitcoin Cash [BCH], Monero [XMR] and Tron [TRX] have been in the green, cryptocurrencies such as Litecoin [LTC] are still sliding in terms of price.

1 hour:

The one-hour LTC chart shows the bleak picture of an acute bearish drop. The downtrend has taken the price from $41.74 to $32.84. The current support for Litecoin is at $30.79 while the resistance has been maintained at $42.32.

The Relative Strength Index shows that Litecoin is tending towards the oversold zone. This means that the selling pressure of the cryptocurrency is higher than the buying pressure, an effect of the bear attack.

The MACD indicators show the histogram tending towards the bullish side. The signal line and the MACD line have both undergone a bearish crossover which signifies an impending price drop.

1 day:

The one-day graph does not show a different picture with the bear attack clearly visible on the charts. The price drop has also seen the support come down to $31.4. The downtrend has brought the price down from $41.6 to $31.56.

The Bollinger band shows the arrival of a massive bearish breakout with a Bollinger cloud is significantly larger than the ones that appeared over the last few months. The breakout has been an end product of the bearish drop.

The Awesome Oscillator points to the market momentum picking up, albeit in the bearish realm. On the contrary, the absence of major bullish momentum has been quite apparent in the last couple of months.

Conclusion:

The bear’s hold on the market has not reduced with Litecoin being a major example. Although there has been a gradual shift with some coins, the atmosphere is still bearish as pointed out by the above-mentioned indicators.

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