The cryptocurrency market has witnessed a sudden fall in the past 24 hours, wherein Bitcoin [BTC] has dropped below the $4000 mark. 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 cryptocurrency is still flashing green on the weekly chart with a 3% gain.
LTC 1 hour chart | Source: TradingView
The hourly chart of Litecoin shows a massive downtrend from $41.6 – $39.8 and $36.557 – $33.54. The sudden price fluctuation has created strong resistance points at $39.7 and $41.6. Also, in this timeframe, there is a slight uptrend ranging between $32.4 and $33.1 with a support point at $33.
The Parabolic SAR has shown an unforeseen fall a few hours back by pushing the candlesticks downwards. However, the indicator is currently forming the dots below the candlesticks depicting a slight recovery from the major fall.
Chaikin Money Flow has maintained its position above the zero line even when the price dropped and continues to be at a positive level. Thus indicating that there is an ample amount of incoming assets in the LTC market.
The MACD has also taken a bearish crossover a few hours back. It can be noticed that the moving average line has now taken a bullish crossover and it is currently moving upwards along with the signal line.
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.