- The trading volume of LTC coin in last 24hr and at the time of writing this article is +37.87%
- The price of LTC/BTC and LTC/ETH at the time of writing this article is 0.0036BTC and 0.052 respectively
- Price at support bulls not willing to give up the fight.
LONG TERM VIEW:-
The price is at support of $160 and the bulls are not willing to give up the fight as we can see a long wick in the red candle, which shows the bulls are not letting sellers push down the price more. Let’s have a look at the technical indicator, first we can have a look at MACD, which is showing red histograms meaning the MACDl line is below the Signal line and there is no sight of the lines to change its direction. Secondly we can have a look at the RSI which is in the neutral zone near 39 and is heading towards the oversold zone(30). Thirdly we can have a look at the Moving averages as the 20MA and 50MA is above 100MA but the price has broken both 20MA and 50MA and is now taking support on the 100MA
SHORT TERM VIEW:-
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In the 4hr time interval we can have a look that the price is near a huge demand zone as the price has not gone below it from 9th august. The MACD is also showing red histogram meaning the MACD line is below the Signal line, in addition to that we can see the RSI is in oversold zone and now try to come back in neutral zone buyers are pushing the price up. On the other hand the 20MA has crossed the 50MA in a downwards direction and both 20MA and 50MA is below the 100MA.
CONCLUSION:-
We can see the trend is bearish in both daily chart and 4hr chart but the bearish trend might be over as the RSI is in the oversold zone in the 4hr time interval and we can also see the price is near the huge demand zone. There might be a possibility that the trend might change if the bulls come with a huge volume they can change the movement but if failed to do so the bears are gonna take the control of the price and might drive it down.
