- Litecoin price analysis is bullish on the 24-hour chart
- The main target for Litecoin bulls is the 200-day SMA at $192.
Litecoin Price Analysis: General price overview
Litecoin price analysis is bullish on the 24-hour chart, with the altcoin trading higher than 3 of its key support zones. Testing more upward barriers is set to break any hurdles and build more momentum for a more vigorous climb.
The altcoin’s price is performing great on the general cryptocurrency market after we also noted a 5.57 percentage daily increase.
Other coins in the market are also performing well, and the majority of them posted record gains in the last 24 hours. Bitcoin and Ethereum increased by 5.4 and 7.6 percent, respectively. Cardano is the highest gainer, followed by Dogecoin.
LTC/USD 24-hour chart: Accumulation before the rise?
The main target for Litecoin bulls is the 200-day SMA at $192. Meanwhile, Litecoin price action is hugely restricted by a bearish momentum divergence on the daily 24-hour time frames.
But if the bulls can overcome July’s bearish trendline and correct the daily RSI into the overbought region, the coin still has a chance to cross the 200 SMA. Therefore enabling the bulls to hit their target.
Litecoin price analysis on the 24-hour chart indicates the coin has been trading between a moderate daily range of $174 – $178.
LTC/USD 4-hour chart: LTC primed for further upsides
On the 4-hour litecoin price analysis chart, LTC/USD is attempting to overcome seller concentration between $174 and $175 following a tight fight with a double bottom pattern a few hours ago at the $175.65 price level.
Litecoin has been chasing high price outcomes towards the 200-day simple moving average near $192, where the bulls were met with heightened seller pressure. An upward momentum trying to break resistance at $189 was again met with huge obstruction by the 38.2 percent FIB retracement of the May -July upswing to $221.
Nonetheless, Litecoin price action has witnessed increased momentum over the past few weeks after breaching several price hurdles and setting several highs. The big challenge is receding momentum into mid-August which presents a short-term limitation for the bulls who are optimistic about hitting a $200 target as soon as possible.
Traders should take note of factors that could encourage further selling, such as a daily close below the ascending trend line that took place in July. Increasing sellers will subsequently push the price back to $140, and a bearish momentum could even extend into the coming weeks.
At the time of writing, Litecoin is trading at $175.
Litecoin price analysis conclusion
Litecoin price analysis is bullish on the 24-hour chart, and traders can expect a more substantial rally as we approach the weekend. The bulls will exert strong momentum into the $170 support and rally towards new highs in the next 24 hours.