Litecoin [LTC/USD] Technical Analysis: Bulls gearing up for ascension after chasing bears away
There are speculations in the crypto space that a bull run has already begun. Bitcoin and other altcoins like Litecoin are starting to go up instead of going sideways in the shorter time frames.
Litecoin has performed well and has increased by 7% over the last seven days. At press time, Litecoin was trading at $53.24, with the market cap hitting $3.14 billion.
Source: Trading View
Litecoin has been consistent with its uptrend and has increased its range in the same direction. It spans over the price range starting from $48.17 to $53.10, with a small break happening in between.
The prices have been bouncing off the support line at $52.75. The last support is holding steady at $48.17. The prices have broken the previously set resistance at $55.18, thus creating a new resistance at $55.88.
There is a small downtrend seen with the Parabolic SAR markers spawning over the candles, indicating a bearish presence.
The RSI indicator is below the 40 line, indicating that the sellers are in control of the market.
The RVGI and the signal lines have been consistently setting up lower highs mimicking the prices and there is a bearish crossover seen as a result.
Source: Trading View
The downtrend hasn’t lost its dominance in longer time frames. The trend starts from$177.74 and extends over to $55.98.
The long-term support is holding steady at $48.45, but the prices, just like in the short-term, have broken the previously set resistance at $53.53 and is slowly scaling up. Long-term resistances are set up at $68.35, $89.02 and $125.
The Bollinger Bands indicate a slightly bullish trend as the prices candles are forming above the exponential moving average. The squeeze has ended and expansion is underway, indicating the increase in volatility in the market.
The Aroon indicator shows a strong uptrend in play as the Aroon up has hit the 100 line. The Aroon downline is slowly moving towards the bottom indicating the weakening of the downtrend.
The MACD indicator shows a clear bullish sign with a bullish crossover seen, and the histogram representing steadily increasing green bars over the zero line.
The one-hour chart is indicating a bearish trend emerging and the indicators show the same. Contrary to the one-hour chart, the one-day chart is positive, as the Aroon, MACD, and Bollinger indicate a bullish trend.
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