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Litecoin [LTC/USD] Technical Analysis: Long-term fate of cryptocurrency to be ruled by bullish sentiments



Litecoin [LTC], the eighth-largest cryptocurrency according to CoinMarketCap, is floating in the red space on the price graph. Moreover, the coin has been overtaken by Tether [USDT] once again.

At the time of writing, Litecoin was trading at a depreciated price of $29.17, with a market cap of $1.74 billion. Here, the total trade volume of the token in the past 24 hours was recorded at $410.5 million.

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1-hour

LTCUSD 1-hour candlesticks | Source: tradingview

LTCUSD 1-hour candlesticks | Source: tradingview

In the one-hour technical analysis of the Litecoin candlesticks, an acute downtrend has been spotted from $35.9 to $29.7, whereas the current support level is set at $27.6. The concentration in prices has packed the market tightly, preparing it for a trend breakout.

The Parabolic SAR is bearish on the cryptocurrency as the dots have aligned themselves above the price candles to give a negative price prediction.

The Aroon Indicator is also bearish on the LTC market as the downward trend is stronger than the upward trend on the graph wherein the green trend has crashed.

The Relative Vigor Index is the only indicator standing with the Litecoin market wherein the RVGI has made a bullish crossover by the signal.

1-day

LTCUSD 1-day candlesticks | Source: tradingview

LTCUSD 1-day candlesticks | Source: tradingview

In the one-day time frame of the Litecoin candles, the downtrend is stretching from $55.8 to $32.9, whereas the support is set at $22.8. However, there is no possibility of a trend breakout in the long-term as price concentration is not visible yet.

The Bollinger Bands are currently depicting a high buying pressure in the LTC market as the reading line is traveling in the buy zone to move further up.

The Chaikin Money Flow is also tending to move up to indicate healthy buying activity in the market. The reading line is currently approaching upwards to cross the 0-mark.

Conclusion

In the technical analysis, it has been observed that the cryptocurrency is going to stay bearish in the short run but will soon turn bullish in the bigger picture. However, not much volatility is expected in the foreseeable future.


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