HomeMARKET NEWSSlight recovery on charts favour Filecoin, while Litecoin struggles

Slight recovery on charts favour Filecoin, while Litecoin struggles


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There has been over 24 hours that Bitcoin showed signs of recovery. Many altcoins have depicted northbound movement following the same sentiment. Filecoin gained about 3% at press time while Litecoin’s price action was negative. LTC lost about 4% of its market value over the last 24 hours.

In the last week, LTC and FIL both had a choppy week like other major altcoins. Both the coins lost over 20% and the coins were struggling to recover from the bloodbath. Although Filecoin was positive it wasn’t enough to say FIL would remain positive over the upcoming trading sessions.

Price Analysis: LTC/USD Four-Hour Chart

Litecoin was trading at $108.77 with immediate resistance at $112.74. The coin was oscillating between $108 and $112. A fall from the current level will push the coin to the $100 price mark. Other additional resistance levels for the coins stood at $133.90 and at $152.22. Price of Litecoin was below the 20-SMA line which meant that the buyers had left the market.

On Balance Volume was weak despite a slight uptick in the indicator, this reading meant that the buying pressure in the market was considerably less. The Relative Strength Index was below the half-life which affirmed that buying pressure was low.

Chaikin Money Flow was positive as the indicator was seen above the half line and the indicator noted an uptick which signalled that capital inflows were greater that outflows at the time of writing.

Price Analysis: FIL/USD Four Hour Chart

Filecoin was priced at $19.96 as it gained close to 3% at press time. The immediate support level for the coin was at $18. Overhead resistance for the coin stood at $24.19 and the other resistance stood at $30.53. On the four hour chart FIL was slightly above the 20-SMA line which meant that buyers were in charge of the price momentum.

On Balance Volume was quite weak as the indicator was sloping downwards at press time. The Relative Strength Index was above the half line which meant sellers had started to settle down in the market. Aroon was negative as Aroon down was parked above Aroon Up at the time of writing.

Priya is a freelance journalist at BinBits. She has an experience of over two years as a cryptocurrency and blockchain technology journalist. She is an avid reader and has a passion for Japanese culture and art.

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