- The trading volume of Litecoin in the last 24hr at the time of writing this article is -10%
- The price of LTC/BTC and LTC/ETH is 0.003939 and 0.052ETH, respectively
- The price of LTC/USD is at resistance
LONG TERM VIEW:-
When looking at the daily chart, we can see the price is at resistance. The bulls have already tried four times to break it, and they were successful one time, but sellers’ pressure was a lot which buyers couldn’t handle. Looking at the technical indicators, we can see the MACD shows a red histogram, meaning the MACD line is below the signal line, but the MACD is turning towards the Signal line, which can change the movement bullish. In Addition to that, we can see RSI is in the neutral zone near 54, but the RSI line is pointing towards the overbought zone, meaning the bulls are trying to push the price above.
Lastly, we can see the Moving Average the 20MA and 50MA are above 100MA, but the price is currently below the 20MA, which might change as the bulls are trying to push the price up.
SHORT TIME VIEW:-
When looking at the 4hr chart, we can see the triple bottom pattern is happening, which is a bullish pattern. Having said that, the RSI is also a neutral zone near 61, but the RSI is going towards the 70 lines meaning the bulls are trying to push the price above in the overbought zone. In Addition to that, we see MACD is showing green candles, meaning the MCAD line is above the Signal Line, giving a bullish movement. Lastly, looking at the moving average (hourly), we can see the 20MA and 50 MA are below the 100MA, but we can see the 20MA has crossed the 50MA in an upwards direction.
We can see the bulls are not giving up the fight as they still are trying to push the price up and will try to break the resistance. Looking at the indicator, we can see the bullish trend coming soon, but it depends on other factors like the volume of buyers and the stability of bitcoin.