- Litecoin price analysis reveals Bulls are on the run to shoot past the $218 level.
- The price of LTC/USD is again in an uptrend today.
- A healthy correction might come in the way.
The Litecoin price analysis is again showing a strong bullish trend today after a light bearish stroke of yesterday. The LTC/USD value went down about 1 percent in the last 24 hours, but overall, the cryptocurrency gained 21.5 percent of value during the last week.
This is a huge improvement seen after May 2021. Litecoin seems to be following the footprints of the king cryptocurrency Bitcoin, which is setting the market trend for altcoins.
Currently, LTC/USD is trading at $217.35 at the time of writing as more buyers are entering the market. Resistance came in yesterday at the $218 mark, but bulls are rallying high to cross the resistance as per Litecoin price analysis.
LTC/USD 1-day price chart: Bulls trying to climb past $218 level
The 1-day price chart shows LTC/USD pair value is improving again and is to cross the resistance mark of $218. The significant bullish momentum has marked a new high for the last three months as bulls have regained the momentum after yesterday’s bearish disturbance.
The price levels are again increasing as per Litecoin price analysis. The moving average (MA) is seen at $188.57, quite much below the price level. At the same time, Bollinger bands average is at $181.99.
The volatility is increasing, as is evident by the widening of Bolinger bands, the upper limit of the Bollinger band stands at $211.86, and the lower band is standing at $152. The relative strength index (RSI) score is shooting past the overbought limit and is at a 72 score while still on the up-moving trend.
LTC/USD 4-hours analysis: Bulls on the march but time for correction
The 4-hours Litecoin price analysis shows a continuous bullish trend as more green candlesticks are showing hour after hour on the charts taking the price to $217.39 above the moving average after yesterday’s recess in price.
Despite yesterday’s resistance, the bulls have restored their momentum today, again achieving a new high of the past 30 days.
The volatility is high as the Bollinger bands average is $202 while the upper and lower Bollinger band stands at $$230.63 and $174.41, respectively, in the 4-hour price chart. The relative strength index (RSI) is going above the overbought limit, standing at 73.46.
Today’s overall trend is strongly bullish as more and more buyers are rushing to invest in crypto asset. The technical indicators for the LTC/USD pair are also confirming the bullish progress. The 26 total indicators available to us help determine the trend as 15 indicators show a buy signal and only 2 showing a sell signal while nine stands neutral.
The moving averages are also on the buying side as 13 are pointing towards the buy sign, and only one towards the selling sign, whereas one is neutral.
On the other hand, the oscillators are mostly neutral due to yesterday’s bearish interruption showing as many as eight indicators as neutral while two at buying and one at the selling spot.
Litecoin price analysis conclusion
From the above 1-day and 4-hours Litecoin price analysis, it can be predicted that as bulls are moving up the ladder and continuous green candlesticks are appearing for them. Still, the unnatural RSI scores and present volatility indicate a healthy correction might take place in the near future, and seems a high time for intraday traders to book their profits.
Further looking in the Litecoin price analysis, a cup and handle formation has not formed yet but the hourly chart seems to be taking a cup shape and results will depend upon the nature of the outbreak.
Looking at the past trend cycles of the LTC/USD pair, it seems to be a time for slight correction due to the unrealistically high RSI score, which may provide space for bears to accommodate themselves in the in market.
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