Litecoin [LTC/USD] Technical Analysis: Christmas comes early for Litecoin community

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As 2018 is coming to an end, the price of Litecoin is seeming bullish as a break seems to be happening in the shorter one-hour time frame, and Charlie Lee’s “flappening” prediction came true before the year-end.

Litecoin has undergone an increase of more than 15% in the past 48 hours and the prices at the time of writing were trading at $28.37 while the market cap has increased and is currently at ~1.7 billion.

The 24-hour trading volume is holding steady at $515.17. DOBI Trade exchange provides almost 17% of the total trading volume with trading pairs LTC/BTC.

1 Hour

Source: TradingView

The uptrend for Litecoin has materialized and extends from $23.54 to $28, while the downtrend has lost its range as it spans from $33.90 to $28.27. Litecoin has managed to rise above the broken support at $22.77 and set up a new support at $22.43. The resistance points are seen set up at $26.31, $29.70, $$31.73, and $35.29.

The Parabolic SAR markers are formed below the candles with significant distance between them indicating a bullish trend for Litecoin.

The MACD indicator shows a bullish crossover to the top ever since the MACD line crossed over the signal line on December 15.

The Awesome Oscillator shows positive signs as the indicator has undergone a bullish crossover since December 16 and has managed to stay above the zero-line.

1 Day

Source: TradingView

There is no uptrend formed in the one-day chart as of now, but the downtrend extends from $125 to $28, with prices being supported at $22.84. The resistance points can be seen hanging at $101.11 to $62.63.

The Aroon indicator shows a negative downtrend still in control of the markets for Litecoin as the Aroon down-line has reached the 100-line and is slowly declining. The Aroon-up line has settled at the zero-line, exhausting all its uptrend power.

The Chaikin Money Flow indicates that the sellers are still in control of the Litecoin market, while buyers are trying to overpower the sellers.

The Relative Strength Indicator is rising faster from the depths of the oversold zone to a neutral position and towards the overbought zone.

Conclusion

The one-hour char is lit green with all the indicators [SAR, MACD, and Awesome Oscillator] indicating a possible bull run for Litecoin. The one-hour chart, however, seems confused as the Aroon and the CMF show a bearish aura around Litecoin, but RSI shows that the buyers have increased in the market and LTC has reached the 50-line.


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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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