- Litecoin up another 4 percent on intra-day trade to sit at $152.37
- Price recovered from an initial decline that went as low as $142.80
- LTC moved above 20 and 50-day moving averages and now targets 100-day MA resistance
Litecoin price analysis for the day suggests that the token is set to continue on its bullish run that has already taken price past the 20 and 50-day moving averages. Currently at $152.37, LTC bulls aim to push price towards the $166 resistance mark to open up new avenues for the token. Litecoin faced an early dip in the day, which signalled an abrupt end to the positive run initiated yesterday. Price went down as low as $142.80, before recovering mid-day back above the pivot at $151.23. The highest point observed was $153.73, with trading volume declining slightly at around 4 percent.
The larger cryptocurrency market showed positive signs today, as Bitcoin consolidated above $43,000 with a 4 percent increase. Ethereum fought back to rise by 6 percent to just below $3,000 after an initial setback. Altcoins also showed increments, led by Terra’s 10 percent rise taking price past $37. Dogecoin, Ripple, Solana and Polkadot also rose by around 3 percent each.
LTC/USD 24-hour chart: Price moves above 20 and 50-day MA
On the 24-hour chart for Litecoin price analysis, a change in trend can be seen initiated yesterday that has picked up strength over the last 24-hours. The RSI value sits at 42, suggesting there is still room for momentum in the current push. Price moved above the 20 and 50-day simple moving averages (SMAs) yesterday and now targets the 100-day MA at $166 that is the resistance point for LTC. While the trend looks strong enough to gather momentum, the moving average convergence divergence (MACD) line sits below the neutral zone, presenting a bearish outlook. In combination with the lowly RSI, it remains to be seen if the push towards $166 resistance will not materialise.
LTC/USD 4-hour chart: Bullish indicators seen in short-term trend
The 4-hour chart for Litecoin shows monumental increments made over the last trading sessions in the form of a Bullish Engulfing Pattern. Price rose from as low as $142.31 to $154.58 during the day and the RSI value of 57.60 is representative of it. LTC bulls will be looking at the encouraging signs on the short-term trade towards the next goal of $166 resistance. The MACD is also well clear of the neutral zone, suggesting a clear bullish pattern is in place in the current trading session.
Litecoin price analysis: Conclusion
In conclusion, LTC bulls will be pretty pleased with the outcome on the intra-day trade as price pushes onwards past the $151 pivot. Technical indicators suggest that there is still room for price to strengthen in moving towards the next resistance mark, but the short-term patterns are encouraging. It remains to be seen if bulls will be able to conjure significant momentum to consolidate at the current mark and take LTC from strength to strength. Current support lies at $133.19 and resistance at $166.16.
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