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Litecoin [LTC/USD] Technical Analysis: Bull’s rage could take over market

Litecoin [LTC], the seventh-biggest cryptocurrency in the Market, is currently sprinkling green hopes on the market, with the cryptocurrency going up by 1% in the past 24 hours, according to CoinMarketCap. The coin was trading at $52.68 with a market cap of $3 billion and a trade volume of $268 million.

1-hour:

1 hour price chart | Source: Trading View

1-hour price chart | Source: Trading View

The one-hour price chart shows that there is a strong resistance at the $53.03, while the immediate resistance is at $52.55. The coin has a support level at $51.49 and if this support level is broken, the next support could be at $51.36.

The Chaikin Money Flow indicator was displaying a bearish weather with the line taking the downward slope, depicting that the money is flowing out of the market.

The Bollinger Bands is showing high volatility in the market, as the bands are moving away from each other, leaving more room for the prices to show its movement in the market.

The Parabolic SAR have aligned below the candlesticks. This means that there will be a bulls race in the market soon.

1 day:

1 day price chart | Source: Trading View

1-day price chart | Source: Trading View

The one-day price chart shows a strong resistance level at $176, which was set in the month of May 2018. The immediate resistance has currently set its bar at $67.76. The coin is currently being supported by the $50.54 mark, which also the bottom line for the coin since it reached its all-time high in December 2017.

The RSI indicator is currently showing a sideways movement, with the coin neither crossing the bottom line nor the upper benchmark. This means the buying pressure and the selling pressure evening out each other in the market.

MACD indicator was showing that a bullish movement might occur soon as the lines were close to converging, with the reading line trying to take over the signal line.

The Klinger Oscillator displayed the reading line was in contact with the signal line and close to surpassing it, predicting the rule of the bull in the market.

Conclusion

The coin might soon be witnessing the bull’s rage, with the support of MACD and Klinger Oscillator, in the one-day analysis and Parabolic Sar’s in the one-hour analysis.

The post Litecoin [LTC/USD] Technical Analysis: Bull’s rage could take over market appeared first on AMBCrypto.



This post first appeared on AMBCrypto - Latest Cryptocurrency News, please read the originial post: here

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