Litecoin [LTC/USD] Technical Analysis: Cryptocurrency support falls to a yearly low

The cryptocurrency market is seeing something of a mixed response with the bear and the bull resulting in a roller coaster price chart. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] have seen both bearish and bullish runs since the markets opened today.

1 hour;

At the time of writing, the trend lines on Litecoin [LTC] indicated an upward turn, a clear sign of a bullish run. The support held at $52.35 after it rose from a low of $51.35.

The MACD indicator shows multiple crossovers with the last crossover indicating a bearish drop. The signal line and the MACD line both show Litecoin tending towards the realm of the bear. The MACD histogram reveals a sporadic bullish and bearish graph pattern.

The Awesome Oscillator, which describes the market momentum, paints a picture of the market momentum dropping. The intermittent momentum rises are still not enough to counteract the effects of thee bear reducing the buying selling power of the Litecoin market.

1 day:

The Bollinger bands show that LTC is in the midst of recovering from a price outbreak. The indicator also reveals that Litecoin has fallen to its lowest support in over a year at $50.48. The bands show that the entire price movement s was contained within the Bollinger cloud, albeit just one bearish drop that broke the support.

The Parabolic SAR shows a mix of bullish and bearish signs with the cryptocurrency majorly leaning towards more drops.’

The Relative Strength Index [RSI] indicates that Litecoin has dropped towards the oversold zone indicating an increase in selling pressure more than the buying pressure.

Conclusion:

The analysis backed by the indicators such as the MACD, RSI, and the Bollinger bands show a bearish trend for Litecoin [LTC]. This was further evidenced by the Parabolic SAR as well as the Awesome Oscillator.