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Litecoin [LTC/USD] Technical Analysis: Cryptocurrency to recover from the unforeseen bear attack

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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.

1-hour:

LTC 1 hour chart | Source: TradingView

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.

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.

1-hour:

LTC 1 hour chart | Source: TradingView

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.

The Relative Strength Index is currently moving within the RSI zone, indicating that the inflow of money in the LTC market is stable in this timeframe.

The Awesome Oscillator is showing a slight transition to red bars, however, it has maintained the formation of the bars above the zero line. This indicates that there is not much fluctuation in the price of the cryptocurrency.

Conclusion:

The technical analysis demonstrates that though LTC suffered from a major downfall in the short term, the indicators are in favor of a fast recovery and a long term bullish run.

Source. ambcrypto

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Litecoin

Litecoin [LTC], Stellar Lumens [XLM] fall down the top-10 list as Tether [USDT] makes it to sixth position

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The cryptocurrency market has been going through a rough time after a small bullish run last week. A majority of the major coins have fallen, at the time of press. Litecoin [LTC] and Stellar Lumens [XLM] have slipped down the top-10 list following the fall.

LTC and XLM have been fighting for the sixth position on the CoinMarketCap list for a long time, and finally have settled on the eighth and the seventh positions, respectively. Tether [USDT], the stable coin, now rests on the sixth position.

Source: CoinMarketCap

Source: CoinMarketCap

At the time of press, LTC was valued at $31.3, with a market cap of $1.8 billion. The coin reported a 24-hour trade volume of $532 million, with a fall of 0.50% over the past hour. The coin has been falling since the past few days as it registered a dip of 16.75% in the past seven days, while registering a minimal recovery of 0.20% in an hour.

LTC was highly traded on OKEx, as it reported a volume of $49 million with the LTC/BTC. OKEx was followed by ZB.COM, which registered a trading volume of $46 million with the LTC/USDT pair. The third place was taken by DOBI Exchange, as it noted a volume of $36 million with the LTC/BTC pair.

Source: CoinMarketCap

Source: CoinMarketCap

As per the one-day chart of XLM, the coin had fallen by 0.83% over the past day, with a market cap of $2 billion. The coin registered a 24-hour trade volume of $88 million, with a fall over seven days of 13.40%. It is still falling by 0.29% over the past hour.

The coin was largely traded on ZB.COM exchange. The trade volume registered by the coin on the exchange was $19 million with the XLM/USDT pair. ZB.COM was followed by Exrates, which registered a volume of $12 million with the XLM/BTC pair. The third position in terms of trading volume was acquired by BCEX, as it registered a volume of $7 million with the XLM/BTC pair.

Source. ambcrypto

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Litecoin

Litecoin (LTC/USD) forecast and analysis on January 17, 2019

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Cryptocurrency Litecoin (LTC/USD) is trading at 30.90. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.

Litecoin (LTC/USD) forecast and analysis on January 17, 2019

As part of the Litecoin course forecast, a test of 33.00 is expected. Where should we expect an attempt to continue the fall of LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 27.80. The conservative Litecoin sales area is located near the upper border of the Bollinger Bands indicator at 33.80.

Litecoin (LTC/USD) forecast and analysis on January 17, 2019

Cancellation of the option to continue the decline in the rate of Litecoin will be the breakdown of the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing quotations of the pair above the 35.20 area. This will indicate a change in the current trend in favor of the bullish for LTC/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.

Litecoin (LTC/USD) forecast and analysis on January 17, 2019implies a test level of 33.00. Further, it is expected to continue falling to the area below the level of 27.80. The conservative area for selling Litecoin is located area of 33.80. Canceling the option of falling cryptocurrency will be a breakdown of the level of 35.20. In this case, we can expect continuation growth.

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Former Olympic Wrestler & UFC Fighter Ben Askren, Thanks Sponsor Litecoin (LTC) on Twitter

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As the crypto market is dealing with the ongoing bear market, LTC recently received a shout out from a former Olympic wrestler.

While many in the crypto community might not have thought the UFC would be a place to advertise crypto, the LTC Foundation thought otherwise. In December 2018, the logo of LTC featured prominently in the UFC Octagon during UFC 233 pay per view. The event managed to garner over two million viewers.

Farther UFC Promotion

Ben Askren, a former Olympic wrestler, will debut on UFC 235 in the welterweight category. In a recent tweet, he promoted both his upcoming match and LTC. In the short 35-second video, the former Olympian thanked LTC Foundation for sponsoring his upcoming debut fight.

In the video, Askren tagged Charlie Lee, the founder of LTC and John Kim, a well-known person in the LTC community. He also gave a shout out to the entire LTC community and thanked the crypto world for its efforts through the LTC foundation for sponsoring him.

He also mentioned that he was personally a supporter of LTC and its promotion of the use of crypto in daily transactions.

He said that he was honored to be an LTC representative during the UFC 235, mentioning that he himself owned a lot of LTC. He was not just happy to be sponsored by LTC, he was also happy to be sponsored by a crypto coin in which he believed in its ability to create a better future. In his final remark, he mentioned that he was sure the entire LTC community also saw the potential that LTC had to create a better future.

His Support is Special

Askren is not the first famous person to support crypto. However, his support puts him in line with the goals and aspirations of the LTC community.

LTC, like other cryptos, has had little to be excited about. The last time it generated a lot of hype was in December 2017 when it hit its highest price. Since then, the coin has been in a general downward trend like most of the other crypto coins.

Despite the bear run, the LTC foundation has kept up its marketing efforts. Most of the marketing effort has come from Charlie Lee, who has tried to be independent of LTC by selling off all of his LTC holdings. This move was controversial in the crypto community, who accused him of abandoning crypto. However, he proved everyone wrong by being a major and creative promoter of LTC through the LTC foundation.

On top of its appearance on the octagon during UFC 233, this support by Ben Askrencould help to push LTC to the masses. This is proof that crypto coins and their communities can do a lot through grass root efforts.

When the bear run eventually ends, the coins that make it in future will be those that manage to achieve mass adoption. Clearly, the LTC community is aware of this and they are trying to make it a reality.

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