Litecoin [LTC/USD] Technical Analysis: Bulls take control after stampede

Litecoin [LTC], at the time of writing, was trading at $33.65 with a market cap of $2 billion, which makes it the seventh-largest cryptocurrency in terms of market cap as per data from CoinMarketCap.

The 24-hour trade volume of Litecoin was $59.38 million and most of the trade volume [~25%] was coming from a Korean exchange Coinbit with trading pair LTC/KRW. DOBI Trade follows Coinbit by contributing 16% of the total trade volume.

Litecoin has also undergone a positive change of 6% in the 24-hour time frame, while a change of 5.25% was registered in the seven-day time frame.

1-hour

The one-hour chart for Litecoin shows an uptrend that extends from $27.34 to $31.18 and a downtrend that extends from $41.38 to $33.16. The support for Litecoin is holding strong at $27.25, while the resistance points can be seen hovering way above the current prices of Litecoin i.e., at $31.68, 35.29 and $37.29.

The MACD indicator shows a bullish crossover underway and histogram is lit up with green bars above the zero-line.

The Stochastic indicator also shows a bullish crossover over as well and indicates an overbought market for Litecoin.

The Chaikin Money Flow shows an overbought market as well since the CMF line is way above the zero line and is recovering from the overbought zone.

1-day

The uptrend cannot be seen in the one-day chart while the downtrend extends from $125 to $34. The supports for Litecoin in this time frame can be seen at $28. Multiple resistance points are seen at $62.87 and $101.11.

The Parabolic SAR markers show a bullish trend in the one-day chart for Litecoin.

The Awesome Oscillator shows a transition into green spikes that indicates that the prices are increasing.

The Relative Vigor Index shows a bullish crossover to the bottom, as the RVGI line has crossover the signal line.

Conclusion

All the indicators in the one-hour chart show a bullish trend emerging in the short-term one-hour chart. The one-day chart for Litecoin is showing a bullish trend in the longer time frame as well.