Litecoin [LTC/USD] Technical Analysis: Cryptocurrency continues to be victim in the bear rampage
The bullish wave that the cryptocurrency market was surfing seems to have come to an end with almost all of the cryptocurrencies on the chart seeing downtrends. Major coins such as Bitcoin [BTC], Ethereum [ETH], and Litecoin [LTC] have all been forced to hit the brakes on the bullish acceleration with the supports being threatened in the process.
The one-hour chart for Litecoin sees a gradual price decline again after a period of sustained price hold. The support for the cryptocurrency has been holding at $27.3 while the resistance is at $35.37. The initial uptrend that Litecoin enjoyed lifted its price from $30.25 to $35.04. The following price declines resulted in the price fall from $33.91 to $31.50.
The Relative Strength Index for Litecoin has just bounced from the oversold region to hold in the middle of the RSI graph. This is a sign of the equilibrium between the buying pressure and the selling pressure.
The Chaikin Money Flow indicator has been holding right at the zero line. This shows that the money flowing into the market and the money leaving the market is almost the same.
The one-day Litecoin graph paints a bleak picture for the cryptocurrency, with an acute downtrend becoming apparent. The slide saw the LTC price drop from $83.74 to $33.26 while the support has been maintained at $28.51.
The Bollinger band shows the upper band and the lower band converging after a bearish breakout. The convergence can be linked to the stagnant price movement with an apparent trend change.
The MACD line and the signal line have both created a bullish crossover with the lines ending upward. The MACD histogram is filled with sporadic bearish and bullish signals.
The bear has taken the power back from the bull which is evident from the price drops. A majority of the above-mentioned indicators have taken the side of the bear with a small chance of intermittent bullish rises.
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