The cryptocurrency market has been undergoing a roller coaster ride with the prices fluctuating between highs and lows. Even popular coins like Bitcoin [BTC], XRP and Litecoin [LTC] all saw support breaks that were slightly rectified after the recent bullish surge. The Charlie Lee-founded Litecoin had a tough time before the surge and is now holding well above the dangerous support breakpoint.
1-hour
The one-hour graph for Litecoin shows a dramatic increase in prices with the uptrend lifting the price from$23.34 to $29.70. The support has been holding at $22.43 while the immediate resistance is at $32.82.
The MACD indicator has just crashed below the histogram and is in the process of a bullish crossover with the signal line and the MACD line converging towards each other. The MACD histogram is currently bearish.
The Awesome Oscillator shows a dramatic increase in movement due to the bullish surge. The increase in market momentum coincides with the prices increasing.
1-day
Litecoin’s one-day graph shows a more gruesome picture with the bear taking control of the price fall. The long-term support has been holding at $$22.93, with the initial downtrend bringing down the price to $23.64 to $50.98. The recent uptrend took the price to $32.68.
The Relative Strength Index points to the cryptocurrency surging towards the overbought zone after settling at the oversold zone. This indicates that the buying pressure is much more than the selling pressure.
The Chaikin Money Flow is below the zero line, which is a sign of the money flowing out of the market is more than the money coming into the market. For Litecoin, the CMF indicator has been bearish for an extended period of time.
Conclusion
With the year coming to a close, the cryptocurrency market has gone for a tumble. The above-mentioned indicators show the market correcting itself after a sudden bullish surge. It is also a sign of slight bullish spikes without any drastic trend changes.
