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Litecoin [LTC] Technical Analysis: Bears stall as bulls try to reassert control


Most cryptocurrencies are finding it difficult to recover from the unexpected slump on January 10, 2019. Litecoin [LTC] is no different and it has been struggling to get away from the bear’s grasp.

At the time of press, LTC was valued at $31.59, with a market cap of $1.89 billion. The coin also registered a 24-hour trading volume of $472 million, with a majority of it being contributed to by OKEx via the trading pair LTC/BTC with a trade volume of $33 million. Finally, LTC has seen a negative growth rate of 0.33% over the past day.

1-hour

Source: TradingView

The one-hour chart demonstrated a marginal uptrend from $31.382 to $31.990 while it recovered from a similarly marginal downtrend that extended from $31.820 to $31.220. The latest resistance point at $32.017 was overhauled by the latest round of trading while a strong support was spotted at $31.053.

The Parabolic SAR suggests a bullish market in the immediate future as all the markers seem to be aligned below the candlesticks.

The Klinger Oscillator has the reading line marginally above the signal line. This suggests a bullish trend to the market since the crossover.

The Chaikin Money Flow predicts a bullish wave as well since the line has moved sharply above zero, suggesting that money is flowing back into the market.

1-day

Source: TradingView

The one-day chart exhibits a downtrend from $39.329 to $33.588, suggesting that it is still recovering from the January 10 slump which ended an uptrend that extended from $32.329 to $40.079. The support point is holding strong at $30.519 while the last point of resistance was at $40.308.

The Bollinger Bands indicate that there is unlikely to be a lot of volatility in the market and that any movement in prices will be stagnant or sideways.

The RSI is showing that the buying pressure and the selling pressure for the cryptocurrency are currently evened out in the market.

The MACD suggests that despite the momentum of the downtrend stalling, the market remains a bearish one as is suggested by the signal line being over the moving average line.

Conclusion

As per the indicators, a projection on the short-term and long-term future of the LTC market is split. While indicators such as SAR, KO and Chaikin Money Flow suggest that the market is on an uptrend in the short-term, other indicators such as Bollinger, RSI and MACD suggest that the long-term future of the market remains firmly in the bear’s domain.


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