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Litecoin price analysis: LTC/USD set to break past $180 by midnight

Litecoin price analysis

TL;DR Breakdown

  • The 24-hour Litecoin price analysis chart was slightly bullish yesterday.
  • MTN is the best overall in terms of gains, and it has recorded a surge of almost 90 percent.
  • In the early hours, a large portion of the cryptocurrency heat map was red.

Litecoin price analysis: General price overview

Yesterday, the 24-hour Litecoin price analysis chart was slightly bullish yesterday. During the final hours of yesterday’s session, the bears turned a descending channel around. However, in the first five minutes on today’s daily Litecoin price analysis chart, the bulls took control of the market, pushing prices higher. The bullish channel was terminated by strong resistance at $172.

The price of Litecoin was volatile, often trading in head and shoulder formations as many sellers were in the LTC/USD market. The bulls were on the drawing table, developing plans to turn the bearish trend around. One hour after the daily chart began, the bulls created a significant barrier at an intraday low of $169.1. Since then, the bulls have been in control of the market.

The Bollinger bands expanded in the early trading session, indicating that LTC/USD was highly volatile. Litecoin’s price was near the middle line of the Bollinger bands, implying a modest movement. At the time of writing, the Choppiness Index (CHOP) is at 30, indicating that the market has solid directional movements.

In the early hours, a large portion of the cryptocurrency heat map was red. However, almost the entire map is green, demonstrating that cryptocurrencies are trading in a solid bullish trend.

Litecoin price analysis: LTC/USD set to break past $180 by midnight 1

Source: Coin360

Despite the most prominent digital asset having a lengthy week, it has seen the light in front of a tunnel and its charging to attain its target of $50k before the weekend sets in. MTN is the best overall in terms of gains, and it has recorded a surge of almost 90 percent. Although most of the altcoin trades are in bullish momentum, some of them have recorded massive deviations. Litecoin has recorded a 2 percent gain, and it currently trades at $174.

Litecoin price movement in the last 24 hours: Litecoin spikes to $174

The 24-hour Litecoin price analysis has recorded that the LTC/USD daily trading range starts from an intraday low of $168 – $174. Such a broad range shows an increase in volatility over the last 24 hours.

Litecoin’s trading volume has posted a 5 percent increase, and it is currently at $2.3 billion. During press time, Litecoin is ranked at position #16 with a market dominance of 0.55 percent and a total of $11 billion market cap.

LTC/USD 4-hour chart: LTC/USD set to reach $180 by midnight

On the four-hour price chart, the green candlesticks have outnumbered the red ones, indicating that the market’s mood is optimistic. LTC/USD appears to be in a head-and-shoulders pattern, which traders see as a bullish trend.

Litecoin price analysis: LTC/USD set to break past $180 by midnight 2

Source: Tradingview

The RSI is in the neutral zone, around 50, and appears to be heading higher. LTC/USD will hit $180 before midnight if the RSI reaches the overbought range.

Litecoin Price Analysis: Conclusion 

If the Litecoin bulls continue to dominate, the LTC/USD is expected to break past $180. The possibility of a bull reversal is low as per Litecoin price analysis.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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