Litecoin [LTC] is one of the coins which was hit the hardest by the cryptocurrency massacre that has been occurring over the past 10 months, with the coin recently testing its lowest resistance level at $48.45.
However, the coin seems to be looking for a comeback, as shown by the technical indicators.
The one-hour graph shows a downtrend evolving slowly from $55.67 to $51.82. Although the uptrend is getting more linear as each day passes, it ranges from $50.71 to $51.27 after which it broke up and ended up at $51.59.
The trend lines indicate that the prices, after a brief journey upside, lost their strength and are spiraling down under the pressure of bears.
The Parabolic SAR shows a bullish trend since the markers have stopped and reversed to the bottom of the price candles.
The Awesome Oscillator indicates the bearish trend is dissipating, however, it is not completely lost since the candles are still being formed below the zero line and are green.
The RSI has crossed the 50 line, indicating a slightly bullish trend emanating since the buyers have slowly taken control of the market.
On the one-day chart, the downtrend is ranging from $177.74 to $55.98, while there seems to be no uptrend in sight in the long-term trend. The support is holding strong at $48.45 while the resistances are not getting tested due to the bear trend holding steady. The imminent resistance is set up at $68.35, while subsequent resistances are set up at $89.02, $125, and $177.74.
The Bollinger Bands are showing a bearish trend while the bands are undergoing a contraction. The prices are holding steady on the exponential moving average, which shows that the market is in a bearish mood.
The Aroon up line has hit the top indicating that the uptrend has reached a maximum strength while the Aroon downline has crossed over to the bottom, indicating that the downtrend line has lost its significance.
The MACD indicator shows an overall bullish trend as the MACD line is undergoing a bullish crossover after the MACD line crossed over the signal line.
The one-hour charts are showing a rather bullish move except for the AO indicator which is still bullish. The one-day chart, however, is showing a bullish as well except for Bollinger band that indicates otherwise.
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Author: Akash Girimath