Litecoin [LTC/USD] Technical Analysis: Bull to bring Charlie Lee’s prediction to life?

As the reign of the bull has struck the cryptocurrency market, all coins under the top-10 list are enjoying a great rally. At the time of writing, Litecoin [LTC] was also showing a spike of 4.5%, wherein the token was trading at a price of $31.9, with a market cap of $1.9 billion. Here, the total trade volume in the past 24 hours was recorded at over $633 million.

1-hour

LTCUSD 1-hour candlesticks | Source: tradingview

LTCUSD 1-hour candlesticks | Source: tradingview

In the one-hour candlesticks of Litecoin, a steep upward trend can be spotted started from $24.2 to $29.8. Post this uptrend, two major violations of resistance levels have been observed, wherein the $30.9 level was broken to achieve the $31.9 level resistance. The latter was also broken, setting the current resistance point at $32.6.

The Parabolic SAR is extremely bullish on the token as the dots have aligned themselves below the candlesticks.

The Aroon indicator is also seen to be giving the green trend an edge over the downtrend. The indicator is bullish as the uptrend has more strength than the downtrend.

The Awesome Oscillator is also positive on the fate of LTC. The bars are currently glowing green to project a bullish presence.

1-day

LTCUSD 1-day candlesticks | Source: tradingview

LTCUSD 1-day candlesticks | Source: tradingview

In the longer scenario of one-day price candlesticks, Litecoin is witnessing a severe downtrend from $56.4 to $31 that may take time to recover. Here, the most immediate support level is suspended at $23.4 to hold the price from slipping below the respective level.

The Bollinger Bands suggest that the volatility in the LTC market will not increase as the bands are running parallel to each other. However, there is enough gap for the prices to fluctuate in the tunnel pattern.

The RSI is highly bullish on the cryptocurrency as the reading line has moved to the bullish zone. The buying activity in the market is on the rise, benefitting the value of Litecoin.

The MACD has also taken to the bullish patterns as it made a positive crossover by the signal. The reading line is moving further up to confirm its stance.

Conclusion

In this technical analysis, all of the indicators used in both the time frames have given a green signal for the LTC price trend to move forward. However, the volatility of the market has not received a strong prediction as of now.

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