The coin market could possibly undergo another dip before a fresh rally by the end of this week. After trading upwards for quite some time, the fourth largest cryptocurrency on the CoinMarketCap, Litecoin [LTC], fell below the $60-mark.
On March 19, the opening price rebounded at $59.40, but rallied to $60.70.
At press time, the crypto asset held a market cap of $3.62 billion and was priced at $59.43. The digital silver registered a 24-hour trading volume of $1.87 billion. LTC witnessed a decline of 1.79% in the past 24 hours, while a growth rate of 4.86% was recorded over the past seven days.
Coineal continued to contribute most to the coin’s 24-hour trading volume, providing 7.36% via the trading pair LTC/BTC.
LTC’s one-hour chart exhibited a huge uptrend from $52.39 to $58.82 and a minor downtrend from $61.40 to $59.28, which can be attributed to the recent dip in the coin’s price despite a brief bullish recovery. The immediate resistance was at $65. The support for the coin was found at $52.39.
Bollinger Bands: The mouth of the bands pictured a stagnant price market for the coin.
MACD: The MACD line continued to lay low post a bearish crossover.
Awesome Oscillator: The closing bars of the indicator were red, pointing to a bearish price momentum for Litecoin.
The one-day chart for Litecoin showed an uptrend from $32.84 to $45.80, and a longer downtrend from $83.85 to $63.21. A second downtrend from $55.84 to $34.14 was also seen. Immediate resistance for the crypto asset was marked at $77.84, while the immediate support firmly stood at $30.62 and $22.85.
Parabolic SAR: The dotted markers were below the candlesticks,