Litecoin [LTC] Technical Analysis: Bullish momentum stalls as token recovers slowly

Litecoin [LTC] continues to walk on the path to recovery after the slump that hit the coin and the cryptocurrency market, in general, this January. In fact, the cryptocurrency, the silver to Bitcoin’s gold, has registered a good growth rate of 4.48% over the past 24 hours at the time of press.

Litecoin [LTC] holds on to the seventh position on the list of the world’s largest cryptocurrencies with a market cap of $1.995 billion. It also had a 24-hour trading volume of $816 million with ZB.com contributing the most at 8.01% via the trading pair of LTC/USDT. At the time of press, LTC was valued at $33.13.

1-hour

The one-hour chat for the LTC market is witnessing a brief uptrend that has extended from $30.75 to $32.26. The uptrend has wiped out the previously prevailing downtrend that had extended fro, $31.37 to 430.65. The resistance point holds firm at $33.23 while the support point at $31.98 may or may not be breached owing to the next few trading cycles.

The Parabolic SAR have the markers above the candlesticks, suggesting that bears have been in control of the LTC market over the last few trading cycles. However, since the parabolic curve is flattening closer to the candlestick, it would seem that some bullish action may be in the offing.

The Bollinger Bands are holding steady, neither contracting nor expanding, suggesting that volatility is in control presently.

The Chaikin Money Flow has the reading line moving towards zero, suggesting that those past few bearish trading cycles have resulted in money flowing out of the LTC market.

1-day

The one-day chart indicates that there is still a long way to go before the downtrend that extended from $51.71 to $28.59 is reversed. Presently, the LTC market is holding steady and the uptrend has been brief, extending from $23.28 to $30.67. The resistance point holds fort at $39.15 while the support point at $27.71 has been at perpetual risk of being breached over the past few trading cycles.

The MACD index has both the MACD and signal line very close to each other, with neither the bulls or bears having any real momentum (as is projected by the histogram). This suggests a stalemate between the two forces.

The Relative Strength Index suggests that both buying and selling pressures have evened themselves out in the LTC market.

The Awesome Oscillator suggests the same conclusion as the MACD index. Although the bulls and bear have been alternating over trade cycles, none of them have any real momentum to consolidate their position in the LTC market.

Conclusion

The one-hour chart, using indicators such as the Parabolic SAR, Bollinger Bands and Chaikin Money Flow, suggests that the bears have managed to stall the brief good run the bulls were on. The longer, one-day chart, on the other hand, suggests that neither the bulls nor the bears are in any position to actually consolidate their control of the LTC market.