The cryptocurrency markets have been experiencing massive fluctuations lately. After the recent Bitcoin price surge to over $5000, the cryptocurrency fell by nearly 10%, and its counterpart Litecoin showed a decline of 5.53% against USD.
Bitcoin, the highest ranking cryptocurrency recorded a market capitalization of $92.35 billion, on CoinMarketCap, registering a price of $5224. The past week saw the cryptocurrency marking a 17.27% increase in its rates.
On the other hand, Litecoin recorded a market capitalization of $5.31 billion registering a price value of $86.62. The cryptocurrency also recorded a 17.27% price surge over the past week.
Both the cryptocurrencies registered a 24-hour trading volume of $15.90 billion and $3.20 billion, respectively.
One Day Chart Analysis of Bitcoin
The cryptocurrency displayed a candlestick reading exhibiting a downward spiral from $6459 to $4,186. The charts also displayed a minor upward surge from $4,198 to $5,089. The support for bitcoin measured in at $3902 while resistances were recorded to be $5,663 and $6,562.
Bitcoin Price Technical Indicators:
Bollinger Bands: The Bollinger Bands depicted slight divergence indicating fluctuating market prices.
Awesome Oscillator: The Awesome Oscillator depicted a green closing bar indicator signaling the oncoming of a bullish market trend.
Chaikin Money Flow: The Chaikin Money Flow was set above its zero mark indicating the presence of a bullish market trend.
One Day Chart Analysis of Litecoin
The cryptocurrency displayed two upward price surge from $32.90 to $45.68 and $45.68 to $60.31. The latest market reading recorded another rise from $61.31 to $89.43. This was followed by a downward trend from $56.52 to $34.60. The cryptocurrency failed to surpass the $100 price mark. The support for Litecoin measured in at $41.93 and $28.66.
Litecoin Price Technical Indicators
Parabolic SAR: The parabolic SAR depicted an oncoming bullish trend for the cryptocurrency.
Klinger Oscillator: The reading line of the Klinger Oscillator was a little above its signal line indicating the presence of a bullish trend.
MACD: The Moving Average Convergence/Divergence was recorded above its signal line depicting a bullish trend for the cryptocurrency.
It would be interesting to know how these cryptocurrencies react to market forces as Bitcoin, especially, sees renewed interest from the trader community.
Charts courtesy of Tradingview