Litecoin [LTC/USD] Technical Analysis: Charlie Lee-founded cryptocurrency succumbs to sideways price movement

The cryptocurrency market’s new year behavior has been quite sporadic, with the prices spiking in the beginning and then settling into a stagnated sideways price movement. Cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] all endured the same fate, with the bear barging in on the bull party.

1-hour

Litecoin’s one-hour chart shows a lack of drastic price movement with the cryptocurrency witnessing a bear hold on the larger bull scheme of things. Litecoin’s support has been holding at $28.52 while the multiple uptrends lifted the price from $31.027 to $33.179. The immediate resistance is at $34.566.

The Chaikin Money Flow indicates the cryptocurrency moving along the zero line and currently settling below the line. This pattern has been common across a lot of cryptocurrencies and is indicative of the money outflow in the market being more than the inflow.

The Awesome Oscillator has risen in magnitude after a gradual lull pertaining over the past couple of days. The current surge on the graph points to the increase in Litecoin market momentum.

1-day

The one-day graph for Litecoin displays an obvious bear hold over the last couple of months with the prices consistently dropping. The latest downtrend saw the cryptocurrency fall from a high of $57.124 to $33.131. The immediate support for the cryptocurrency is at $23.124.

The Parabolic SAR is a mix of bearish and bullish signals with the bear getting the upper hand. Currently, the chart shows a bearish trend with the markers staying below the price candles.

The MACD indicator places Litecoin in the bull zone with the signal line and the MACD line spiking up. The MACD histogram also takes the side of the bear, flashing green.

Conclusion:

Despite twenty nineteen starting off on a bullish note, the current prices put the cryptocurrency market square in the middle of the bear and the bull zone. The above-mentioned indicators concur with the same argument as the sideways price movement strengthens its hold on the market.

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