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Litecoin price analysis: LTC/USD zooms past $142 hurdle

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TL;DR Breakdown

  • Resistance is found above the Litecoin price $140 mark.
  • Rise in price expected as the market continues to show bullish trend.
  • Strong support is detected at the $139.89 resistance level.

The market seems to be showing a relatively strong bullish trend as the Litecoin price seems to jump over the $139 mark. If we observe the trend, in the past few hours, the market price is constantly rising up as observed by the green candle sticks, indicating bullish momentum. Yet, the LTC/USD pair has not been able to cross the $140 threshold. LTC/USD price is trying its best to establish a new benchmark above the $140.21 limit, to go beyond its highest point.

Litecoin price Analysis: 1 day price chart shows bullish trend

The one day Litecoin price analysis is showing bullish candles as the bulls seem to takeover the market. The movement of the candle chart is constantly upwards, setting a short term trend line in the bullish direction. If we observe the Bollinger’s band area, the apparent average is set at $139.89.

If we move towards the Moving average indicator, we find out that the resistant value is $139.96. Furthermore, the upper and lower levels of the Bollinger’s band are set at $140.18 and $139.61 respectively.

Litecoin price analysis: LTC/USD zooms past $142 hurdle 1
Litecoin price chart 1-day chart Source TradingView

The Relative Strength Index (RSI) is one the most essential indicators used in a cryptocurrency chart analysis. The RSI score shown in the one-day Litecoin price chart is $66.82 which is a relatively good score. That is because it is showing the inclination of buyers and taking the RSI level above the overbought limit.

LTC/USD 4-hour chart: Ascending channel support for LTC on the cards

The four-hour Litecoin price analysis is showing an increasing volatility as examined through the Bollinger’s band. This is a positive indication for the buyers as the selling price is increasing, thereby increasing the bullish momentum. If we go through the four-hour chart the resistance level remains 140.04.

While the levels of the Bollinger’s band are such that the upper point shows the $147.32 mark and the lower $134.59 mark. Here, the price has ended at a green candle stick, showing bullish trend. Meanwhile the volatility shown by the Bollinger’s band is also increasing in the favor of the Litecoin price.

Litecoin price analysis: LTC/USD zooms past $142 hurdle 2
Litecoin 4-hour chart Source: TradingView

The four-hour price chart is showing the RSI score at 50.23, which is a good sign for the LTC buyers. It is an average RSI score and is expected to rise up above the overbought level, increasing the Litecoin price. Yet, the moving average in this chart is showing us a noticeable resistance of $138.24.

If we talk about the indicators, among the 26 present in total, four stand at the selling point at the selling position and 12 at the buying position. If we talk about the moving average indicators, 11 stand at the buying state and three at the selling state which is showing increase in the value of Litecoin price. Among the oscillators, one stands at the selling and buying position while 9 oscillators are showing neutral position.

Litecoin price analysis conclusion

Summing up the entire scenario, the Litecoin price is showing a gradual rise in the bullish direction as the market is being approached by more and more sellers. The resistance level stands at $140.82 while the support level is $134.6.

If the current bullish trend persists then there is a high chance that the Litecoin price can rise above $147 mark, which is the present highest point. If it proceeds to go below the support level then the market may face a decline in the Litecoin price.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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