Home
News
- The bears finally had a chance to make a swing entrance and drive the price below the daily price chart after moving in a pleasing uptrend.
- The technical indicators appear to be in favor of bulls this time, hope for investors
- The LTC/BTC pair is at 0.002617 BTC with an insignificant gain of 0.36%.
After moving on a flattering uptrend the bears finally got an opportunity to make a swing entry and push the price down over the daily price chart. The LTC bulls still have time to accumulate and make a reversal or else the recovery efforts will be lost. As the LTC was overbought over the hourly price chart it attracted a group of sellers and hence started sinking.
The LTC trading volume is at a massive gain of 105% which is the only stress reliever here for LTC investors. Bulls are working on the volume, this will help in pumping the price and this is a good strategy as said by the analysts. As the price is sinking it may create some good opportunities for the ones who are willing to invest in LTC.
The current price for one LTC coin is hovering at $62.36 which is an insignificant gain of 0.58% in its market capitalization in the last 24 hrs. The coin has a trading volume that is gaining at a good pace and is currently at a gain of 113.70% and a market cap of 4.4 billion. The volume market cap ratio is 0.1249.
What do Technical Indicators Suggest?
The multiple EMA over the daily chart displays a positive cross which shows this bearish movement will not last long.
On the same side, the MACD has also started supporting the above as the MACD line was already moving above the MACD signal line and now the histograms are growing green again. The relative strength index is still moving under selling pressure but analysts believe it may recover soon. The RSI value is nearly equal to 60.
Conclusion
After moving on a flattering uptrend the bears finally got an opportunity to make a swing entry and push the price down over the daily price chart. Bulls are working on the volume, this will help in pumping the price and this is a good strategy as said by the analysts. The sinking price might attract some of the investors. The technical indicators are likely in the favor of bulls this time.
Technical levels
Resistance levels: $66.67 and $70.92
Support levels: $56.59 and $52
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
