Litecoin follows Bitcoin’s footsteps as bears take control of the market – TWJ Crypto


Litecoin (LTC)’s claim to fame has been its ease of use and applications that aim to make essential functions such as payments easier and more streamlined. Amid developments and upgrades within the Litecoin blockchain, the price metric has played an indispensable role in shaping the cryptocurrency along with other bigwigs on the charts.

At press time, Litecoin had succumbed to the attacks by the bear, with its price falling by 9.72 percent in the 24-hour spectrum.

One day:

The trading view chart for Litecoin in the day to day scenario points out to a significantly bearish atmosphere after a bullish run up earlier.

The Parabolic SAR was above the price candles, which meant that the bear had gained dominance over the bulls. If the markers were below the candles, it would mean that the bulls were back in action.

Litecoin LTC 1 day price chart

The Relative Strength Index is close to breaking the oversold zone after crashing from the overbought zone it had achieved during the bull runs in June. The hold near the oversold zone meant that the selling pressure was higher than the buying one.

The Chaikin Money Flow indicator represents the flow of capital in the cryptocurrency’s ecosystem. The chart showed that the CMF had fallen below the zero line, a sign of the money flowing out of the market is more than the inflow.

1 hour:

The one-hour scenario for Litecoin painted a similar picture to that of the daily charts with the candles clearly crashing. As soon as Bitcoin crashed below the $10,000 mark, Litecoin’s price fell markedly from $72.2 to $65.8.

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Litecoin LTC's 1 hour price chart TWJ

The Bollinger bands had formed a massive bubble with the upper band and the lower band converging towards each other.

At the time of writing, Litecoin was trading for $65.28 with a market cap of $4.121 billion.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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