Litecoin [LTC] Technical Analysis: Bears mutilate the silver to Bitcoin’s gold

Litecoin [LTC], the former seventh-largest cryptocurrency in the world has recently lost its spot to Tether, a stablecoin. Now, Litecoin stands in the eighth spot, with market cap hanging at $1.76 billion and the 24-hour trade volume holding steady at $426.57 million.

The 24-hour change for prices is positive at 3% while the longer time frame of seven days shows a massive decline of 14.20%.

1-hour

Source: CoinMarketCap

The downtrend for Litecoin extends from $37.29  to $29.69 with no uptrend in sight. The support for Litecoin at $27.25 was almost tested on December 6, 05:00 UTC. The resistance points for Litecoin can be seen hanging at $29.74, $35.29, and $37.29.

The Parabolic SAR markers are formed below the price candles and are supporting them in a bullish trend.

The MACD indicator shows a bullish crossover to the top as the MACD lines have crossed over the signal line.

The Awesome Oscillator shows a transition of red bars into green, and the green bars are depleting and might be heading towards a bullish crossover.

1-day

Source: CoinMarketCap

The one-day chart seems to be always going down as the downtrend dips from $125 to $33.45. The long-standing support for Litecoin is set up at $28.60, while the long-term resistance points are seen hanging at $101.11 and $62.87.

The Bollinger Bands are undergoing a squeeze and the prices have touched the simple moving average, indicating that the prices have recuperated.

The Relative Strength Index is bottoming at the 30-mark, which is an indication of an oversold market.

The Chaikin Money Flow shows a massive money outflow for Litecoin as the CMF has dipped way below the zero-line.

Conclusion

The one-hour charts show a bullish trend for Litecoin as indicated by the SAR, AO and MACD indicators. The indicator in the one-day charts isn’t as bullish as in the one-hour charts. The CMF and RSI indicate a bearish move for Litecoin but the Bollinger Bands indicate otherwise.

 

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