- Litecoin price analysis is bullish for today.
- For the third time this week, LTC/USD found support at $145.
- Bulls anticipate a surge.
The Litecoin price is currently bullish, as the market has recovered from $145 support this morning. As a result, we anticipate LTC/USD to reverse course today, with the $165 resistance serving as the next target.
The Litecoin price is currently bullish, as the market has bounced from solid support at $145. This level held for the third time this week, and while we did see a spike below it earlier today, bulls immediately pounced on this corrective move. The market is now firmly above $145 resistance and poised to hit $165 before the end of today.
Litecoin price movement in the last 24 hours: Litecoin spikes to $155
The Bollinger bands are wide open, as volatility is beginning to pick up again.
The MACD oscillator has moved below the signal line. A bullish crossover can be expected soon.
Litecoin price analysis: The market held above $145 support despite a flurry of bearish news this week
Bulls are currently rejecting further downside, and the Litecoin price is eyeing $160.
As expected, LTC/USD experienced a sharp correction this morning. The market fell to $145 support again before bouncing off the lower band of the Bollinger bands, which are open wide. As a result, volatility is beginning to pick up, which is usually a sign that bullish momentum will soon begin to take hold again.
LTC/USD 4-hour chart: LTC looks to move higher?
On the 4-hour chart, we can see the Litecoin price action starting to move higher again this morning, indicating further upside to follow.
LTC/USD 4-hour chart. Source: TradingView
Looking at the chart, we can see that the Litecoin price is currently bullish and has pushed through $145 resistance. The market averages show a strong buying interest in higher prices, with two bullish divergences also hinting to excessive strength in the bulls. With this in mind, our Litecoin price prediction would be $165 in the next few hours.
The first resistance is at $159 (23.6 percent Fibonacci retracement), followed by $161 (50 percent Fibonacci retracement). We anticipate further upside following these levels, so long as bulls continue to push prices higher. A break of $165 would see a fresh high in the Litecoin price. The next target will be $173 (61.8 percent Fibonacci retracement).
Looking at the technical picture, we can see that Litecoin price action is gaining traction for a move higher today. However, it might not be wise to go all-out bullish just yet, as volatility levels remain high and no signs of reversal have been confirmed by technical indicators. A corrective pullback down to $140 cannot be ruled out either if bulls fail to pounce on the first sign of weakness.
Litecoin Price Analysis: Conclusion
Looking at the Litecoin price charts, we can see that both price and time have been an indicator of strong buying interest for this morning’s dip. As a result of this, we anticipate a reversal in today’s Litecoin price action, which would allow us to move above $164 before the end of today. We could then scale general resistance levels higher, with $173 acting as the next milestone.
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