TL; DR Breakdown
- Litecoin price analysis shows heavy buying action
- On the 5-day chart, LTC/USD pair has been trading in a bull trend recording a 3 percent price increase.
- Bitcoin is trading at $48K, which is a -2.4 percent deviation.
- In the last 24 hours, the price of LTC/USD has been on a surge.
Litecoin price analysis: General price overview
On the 5-day chart, LTC/USD pair has been trading in a bull trend recording a 3 percent price increase. The 5-day Litecoin price analysis chart picked off when bulls were in control of the market. However, on the first day, the coin price seemed to be dipping as the sellers had dominated the market, making the red candlesticks outnumber the green candlesticks. This negative price trend was cut short on the third day, LTC saw a price surge forming a rising triangle.
The price is above the 40-period momentum indicator, meaning that the price is moving in a positive direction. Many day traders usually prefer the momentum indicators to get a clear picture of Litecoin price analysis.
Despite most digital assets being promising on yesterday’s heat map, most digital assets are bleeding today. The largest digital asset had a perfect day as it attained its target of $50K. However, it did not take long for the bears to overturn the bull trend.
Bitcoin is trading at $48K, which is a -2.4 percent deviation. Ethereum has also recorded a slight deviation of only -0.96 percent, while the Binance coin recorded a more than -2 percent deviation. Litecoin price analysis shows it is not doing bad as it has recorded a slight percent deviation which seems to be overturned as many indicators signals that the LTC bull market is on the way.
Litecoin price movement in the last 24 hours: Bull trend
In the last 24 hours, the price of LTC/USD has been on a surge. However, the daily rice analysis chart started while the sellers had already taken control of the LTC/USD market and set for a downfall. The bears controlled the Litecoin market for almost an hour before the buyers got support at the intraday lows of $179.1, this marked the end of the bear trend, and the bull trend picked off.
Litecoin 4-hour price analysis: LTC/USD spikes to intraday high
On the four-hour price analysis chart, the LTC/USD pair recorded intraday highs of $185.2. The Rate of change indicator is above the middle line, meaning buying pressure is more than selling.
The Bollinger bands are narrow, indicating the LTC/USD pair is experiencing low volatility. The price seems to be approaching the upper Bollinger, meaning that the market will continue to be bullish, triggering a price surge.
Litecoin price analysis: Conclusion
The RSI indicator consolidated around the overbought regions, and this suggests that the market is bullish. Most technicals indicate Litecoin is experiencing a bull market which is set is not likely to be overturned anytime sooner. Litecoin is expected to spike to $190 before the weekend sets in to further the bull run.
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