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Caution: Litecoin’s correction phase drops its price by 18%; more correction expected

The collective market cap of the coin market tumbled down to a low of $170 billion on April 12. EOS replaced Litecoin [LTC] as the fourth largest cryptocurrency on CoinMarketCap, after the latter was hit badly by the recent market slump.

Litecoin [LTC] Differentiates itself from Bitcoin: Eye-opening Gain?

At press time, Bitcoin [BTC] held a market cap of $88.87 billion and was priced at $5,037. The digital gold registered a 24-hour trading volume of $15.79 billion and slumped by 3.57% over the day.

Litecoin [LTC], the fifth largest cryptocurrency, registered a market cap of $4.78 billion and a 24-hour trading volume of $3.38 billion. The crypto-asset was valued at $78.03 and exhibited a major decline of 8.51% over the past 24 hours.

1-day BTC chart

Source: TradingView

The candlestick arrangement on BTC’s one-day chart exhibited a major downtrend from $6,459 to $4,186. A small uptrend from $4,198 to $5,089, fueled by the latest surge was also observed. The supports for the crypto-asset were found at $3,902 and $3,602, while the immediate resistances were at $5,663 and $6,562.

Bollinger Bands: The mouth of the bands was open and projected increasing volatility for the coin’s price.

Awesome Oscillator: The closing bar of the indicator was red, suggesting bearish activity in the offing.

Chaikin Money Flow: The CMF was above the zero-line, indicating that money was flowing into the coin market. Hence, a bullish pattern for BTC was forecast.

1-day LTC chart

Source: TradingView

The one-day LTC chart exhibited two uptrends from $32.90 to $45.68 and $45.68 to $60.31, followed by a minor correction. Another uptrend from $61.31 to $89.43 was registered, propelled by the latest market spike. A minor downtrend from $56.52 to $34.60 was also observed.

The coin has fallen below the $80-mark. However, another potential price break was anticipated, one that may push the coin over the $100-mark. The support points for LTC stood firm at $56.70 and $41.93.

Parabolic SAR: The dotted markers were below the candlesticks, predicting a bullish phase for the silver crypto.

Klinger Oscillator: The KO indicator sustained a bearish crossover.

MACD: The MACD line was also below the signal line after a bearish crossover.

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Bitcoin swayed between the bull and the bear, with the coin’s price depicting high volatility. Contrarily, Litecoin exhibited strong bearish activity that was pulling its price down.

Caution: Litecoin’s correction phase drops its price by 18%; more correction expected

I am a believer of the HODL philosophy because we are still in the nascent stage of blockchain technology. Although we are in a bear market now, my outlook on the adoption and growth of blockchain solutions remains unchanged. Blockchain transactions has been growing exponentially and demand for cryptocurrency like Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC] and other Altcoins will only continue to grow exponentially in the next five to ten years.

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