Litecoin [LTC/BTC] Technical Analysis: Cryptocurrency sees a ray of bullish hope

The recent market surge in the cryptocurrency industry saw a lot of price changes and coins shifting ranks on the charts. Bitcoin [BTC], XRP and Litecoin [LTC] all saw a positive change on their respective charts as the bull took pity on them after an extended bear run.

1-hour

The one-hour chart for Litecoin projects a support at $22.97 while the immediate resistance after the price surge is $30.94. The recent uptrend saw the prices shoot up from $23.6 to $30.84.

The Parabolic SAR has shown predominantly bearish signals but the uptrend saw the markers staying below the price candles, a bullish sign.

The Relative Strength Index shows the cryptocurrency riding a wave above the overbought zone after the price surge. As of now, the RSI indicator has settled in between, which shows a equilibrium between the selling pressure and the buying pressure.

The Chaikin Money Flow indicator is below the zero line, pointing to the increase in the money flowing out of the market.

1-day

Litecoin’s daily graph does not paint as rosy a picture as the hourly chart, with an evident downtrend being present. The long-term support has been holding at $23.18, while the downtrend brought the prices down to $23.309.

The Bollinger band shows the prices settling into a sideways movement after an extended Bollinger cloud.

The MACD indicator shows the signal line spiking up after multiple crossovers with the MACD line. The MACD histogram has been a sporadic mix of bullish and bearish signals.

Conclusion

The cryptocurrency market seems to have gained a slight reprieve from the multiple bear attacks after the recent bullish surge. Out of the above-mentioned indicators, only the MACD indicator predicts a bullish run while the rest take the side of the bear.