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Litecoin [LTC] Price Analysis: Joy for the market as coin continues to march into the bull’s realm


The newly-minted world’s fourth largest cryptocurrency on CoinMarketCap, Litecoin [LTC], has exhibited a magnificent surge of over 30% last weekend marking its foray into the bull’s realm after a long presence in the bear’s pit. The coin has maintained a steady valuation lately.

The coin opened at a price of $44.76 the very next day. LTC reached a low of $42.40 before reaching a high of $47.09 and finally closing at a value of $46.83.

The pair LTC/BTC has been trending at the exchange DigiFinex sweeping a volume of $92.48 million at a price of $44.30; a volume of $90.77 million at a price of $44.26 on the OKEx exchange. Additionally, the pair is also trending at Coineal with a circulation volume of $90.77 million, valued at $44.26.

At the time of writing, LTC has consistently surged at a pace of 1.15% after the rise. The silver coin is trading with a market cap of $2.68 billion at a valuation of $44.36 with a volume of $1.40 billion coins being traded in the past 24 hours.

1-hour:

Source: TradingView

The one-hour chart for the coin exhibits an upward trend of $32.26 to $43.85 and a downtrend from $46.48 to $44.01. The resistance is marked at $44.11 which is close to the price and that of support is registered at $41.10.

Bollinger Bands: The BB indicator for the time period tends to converge indicating a potential decline in price volatility for the coin.

Chaikin Money Flow: The CMF graph continues to tread well above the zero-line, suggesting money flow into the market, and hence, a bullish trend for the coin.

Klinger Oscillator: The KO indicator heads towards a potential bullish cross-over.

1-day:

Source: TradingView

Litecoin [LTC] recorded an uptrend from $23.27 to $29.72 and a downtrend from $55.89 to $34.33. The resistance registered for this time period is marked at $46.33 and that of support at $32.13.

Parabolic SAR: The dotted line aligned above the candles in Parabolic SAR indicator depicts the coin steering toward a bull zone.

MACD indicator: The MACD line treading above the signal line indicates the coin following a bullish pattern.

Awesome Oscillator: The AO indicator also predicts a bullish trend for the coin with the lines in green.

Conclusion:

The indicators – CMF, KO, Parabolic SAR, AO and MACD, all indicate the coin further treading into the bull zone with potential low price volatility as predicted by BB.


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