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Litecoin [LTC/USD] Technical Analysis: Constant battle between the bears and the bulls rages on

Litecoin, the seventh-largest cryptocurrency in the world, has been gaining traction, after going on an adoption spree in the past few days. Restaurants in some parts of the US are now accepting LTC for their services and a game developed recently, Coindriod, uses Litecoin and other cryptocurrencies in-game to destroy bots.

At the time of press, the currency was trading at $52.26, with a market cap of $3.08 billion and a 24-hour trade volume of $369 million.

1-hour

Source: Trading View

There has been an acute uptrend in the one-hour trend starting from $49.52 to $51.54, while the downtrend has started to form and extends from $55.69 to $51.79. The short-term supports are formed at $50.38 and $49.47.

The Bollinger bands are in a state of expansion, indicating an addition of volatility in the market. The prices are falling below the EMA, indicating a bearish trend.

The Aroon up line has bottomed at the zero line, indicating that the uptrend has exhausted. The Aroon downline, however, has struck the top line more than a few times, indicating that the downtrend is dominating.

The RSI, just like the Aroon up line, has submerged to the bottom, indicating that the sellers are controlling the market i.e., the market is bearish.

1-day

Source: Trading View

The uptrend is small, but is starting to develop from $48.95 to $51.79. The downtrend spans over the range of $125 to $55.88. The prices recently broke the support at $50.55, leading to the creation of a new support at $48.55.

The resistances are holding steadily without any breaches. The immediate resistance is at $63.11, following which the successive resistances are setup at points $67.75, $88.99, and $101.11.

The Parabolic SAR markers are forming below the candlesticks, indicating an imminent bullish trend reversal.

The MACD indicator is showing a bullish trend due to the bullish crossover of the MACD line and the signal line. The MACD histogram is showing green bars, indicating the same.

The Awesome Oscillator shows a bearish crossover imminent as the spikes are starting to bud over the zero line in red.

Conclusion
The one-hour time frame is showing a rather bleak future for Litecoin as the Bollinger bands, RSI, AO, and Aroon all indicate an occurrence of a downtrend and bearish move. The SAR, MACD and the AO in the larger time frame are showing bullish signs, even though the prices seem to be dropping.

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