Litecoin [LTC] Technical Analysis: Token sides the bull to make a recovery

The cryptocurrency market has taken a new turn from the beginning of the year. The major cryptocurrencies that were reporting double-digit growths have now fallen. Litecoin [LTC], the seventh-largest cryptocurrency on the top-10 cryptocurrency list has dunked by 0.43% in the past day.

At the time of press, the coin was valued at $32.46, with a market cap of $1.9 billion. The coin registered a 24-hour trade volume of $363 million, with a growth of 0.02% over the past hour. The coin registered an overall growth of 10.60% over the past week.

1-hour 

Source: Trading View

According to the one-hour chart of the coin, a downtrend was registered from $32.93 to $30.63, after which it reported a significant rise from $31.73 to $32.29. After the rise, the coin started falling from $33.24 to $32.45. LTC met with strong resistance at $32.45 while support was noted at $31.04.

Parabolic SAR reported a bullish market as the markers aligned above the candles.

Awesome Oscillator, on the other hand, pointed towards bearish market losing momentum. As per the previous trends, this too could be short-lived.

Chaikin Money Flow is pointing towards a consolidated market as the influx and outflux of money are even.

1-day 

Source: Trading View

As per the one-day chart of the coin, a massive downtrend was noted from $79.07 to $55.88, which continued further until $32.64. The coin failed to register a significant uptrend. Resistance was seen to be marked at $33.29, while the support was noted to be at $27.72.

Bollinger Bands appear to be converged, while the moving average line is under the candles, marking a bearish market.

MACD line is over the signal line, pointing towards a bullish market.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

Conclusion

As per the indicators, the movement of the market is sideways. However, it could take one bullish trend as the movement of Chaikin Money flow seems upwards.

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