Litecoin [LTC/USD] Technical Analysis: The prices struggling to keep the bull run going

Litecoin [LTC], once the seventh largest cryptocurrency has now dropped a rank lower and is now the eighth largest cryptocurrency by market cap as per the data from CoinMarketCap.

The prices for Litecoin are trading at $30 each with a market cap of $1.8 billion. The 24-hour volume of $450 million, while the 24-hour price change is holding at 2.65% on the negative side.

Litecoin has been gaining a lot of adoption as it became the first cryptocurrency to sponsor UFC232 and LTC’s banner will be printed during the fight that is scheduled to take place on December 29 in California.

1 Hour

The uptrend for Litecoin extends from $23.54 to $29.40, while the downtrend has reduced in its length and strength as it only extends from $35.92 to $29.71. The support at $22.49 is supporting Litecoin prices since the start of December. The resistance points are seen holding at $29.70, $31.73, and $36.16.

The Bollinger Bands are seen squeezing with prices falling below the simple moving average indicating that bears are pressuring the prices down.

The Aroon indicator shows a strong downtrend but a weak uptrend that is heading down towards the zero-line.

The Stochastic indicator has hit the lower band of the indicator and is trying to get back up but is failing as it seems to be undergoing a possible bearish crossover.

1 Day

 

The downtrend for Litecoin in the larger time frame extends from $124 to $33, with the prices being supported at $23. The major resistance points for LTC can be seen hanging at $62 and $101.

The Parabolic SAR markers have formed below the price candles which indicates a bullish trend for Litecoin

The MACD indicator shows a bullish crossover that struck the bottom of the zero-line but failed to cross it. The MACD indicator still shows a bullish pressure for LTC.

The Awesome Oscillator shows a bullish crossover that still persists and has a transition of green bars into red, which indicates that the prices are decreasing.

Conclusion

The one-hour chart shows a bearish pressure for Litecoin, which is indicated by indicators Bollinger bands, Aroon and Stochastic indicator. The one-day chart shows a rather bullish view for Litecoin as indicated by the SAR, MACD and the Awesome Oscillators.