Litecoin [LTC/USD] Technical Analysis: Positive correlation to achieve long-term bullish goals

As Litecoin [LTC] keeps switching between the seventh and the eighth position, it is currently showing a healthy run. At the time of reporting, the coin was up by 0.35% wherein it was trading at a fair price of $32.2 with a market cap of $1.92 billion. Here, the total trade volume in the past 24 hours was recorded at $426.4 million.

1-hour:

LTCUSD 1-hour candlesticks | Source: tradingview

LTCUSD 1-hour candlesticks | Source: tradingview

In the scenario of one-hour candlesticks, LTC is witnessing an uptrend stretching of $28.7 to $30.6 whereas the downtrend is spotted from $34.4 to $32.9. There is concentration noticed in the prices, preparing for a trend breakout.

The Bollinger Bands are following a broad tunnel pattern to give way to price fluctuation. No change in volatility is expected in the market anytime soon.

The Aroon indicator is showing a lowered strength in the red as well as the green trend. This is indicative of a sideways market trend for the cryptocurrency.

The Awesome Oscillator has turned bullish on Litecoin as the bars are glowing green to pass a safety stance of the matter.

1-day:

LTCUSD 1-day candlesticks | Source: tradingview

LTCUSD 1-day candlesticks | Source: tradingview

In the longer time frame of one-day candlesticks, the coin is experiencing a steep downtrend of $55.8 to $32.2 whereas the support level is suspending at $22.8 level. A trend breakout is not suspected as the price-concentration is absent here.

The Parabolic SAR is bullish on the matter as the dots continue to align themselves below the price candles.

The RSI is in sync with the above as the indicator is suggesting a high buying pressure on the graph, making up for a healthy market for LTC.

The MACD also made a bullish crossover by the signal to predict a positive price trend for the token. To confirm the stance, the reading line is still moving in upwards direction.

Conclusion

In this technical analysis, it has been observed that the majority of indicators are supportive of a bullish for the cryptocurrency. However, high volatility is to be expected in the current Litecoin market.


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Priyamvada Singh

Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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