Litecoin [LTC/USD] Technical Analysis: Cryptocurrency to recover from the unforeseen bear attack

At press time, Litecoin [LTC] is trading at $33.26 with a market cap of $1.9 billion. The daily statistics of LTC is showing a loss of 4.9%, however, the …

LTC 1 day | Source: TradingView

The daily statistics of Litecoin shows a downtrend extending from $74.7 – $40.2 with resistance points set at $66.8 and $56.34. In this timeframe, the cryptocurrency is also depicting a potential uptrend extending from $23.4 – $33.3.

The Aroon Indicator is showing the dominance of uptrend as the Aroon up line has touched the 100-line. The Aroon down line has reached the 0 level indicating a bullish momentum for the cryptocurrency.

The Relative Strength Index is currently moving within the RSI zone, indicating that the inflow of money in the LTC market is stable in this timeframe.

The Awesome Oscillator is showing a slight transition to red bars, however, it has maintained the formation of the bars above the zero line. This indicates that there is not much fluctuation in the price of the cryptocurrency.

Conclusion:

The technical analysis demonstrates that though LTC suffered from a major downfall in the short term, the indicators are in favor of a fast recovery and a long term bullish run.


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