- Litecoin price analysis shows bullish momentum.
- Price recovered well above $153 today.
- LTC eyes next strong resistance of $164.
The Litecoin price analysis reveals bullish momentum. The LTC/USD price has improved today significantly as it rose from $153 and is trading hands at $159 at the time of writing. LTC bulls are maintaining their lead successfully and continuing their endeavor for the third consecutive day.
The days prior to the current bullish momentum observed severe losses for the cryptocurrency due to the bearish trend, when the price came down from $164 to $140, but bulls have almost covered a big range by reclaiming the losses. The LTC/USD gained more than six percent value over the last 24 hours, and an increase in value of more than four percent has been observed if we consider the price function over the last seven days.
The broader cryptocurrency market sentiment is bullish today, with Bitcoin reporting 4.4 percent gains in value, as BTC price is $44975, Ethereum shows 5.4 percent gains with a price of $3132. VeChain is topping the charts with more than 20 percent gains, and most of the top coins are also reporting significant gains during the last 24 hours.
LTC/USD 1-day price chart: Bulls awaiting no chances for the up climb
The 1-day price chart for Litecoin price analysis shows bulls are continuously taking the price higher. Yesterday LTC price went above the moving average, and today it’s climbing up towards the mean line of the Bollinger bands, though still in the lower price envelope if compared to the start of last month, but the recent bullish momentum has provided good support for maintaining the coin’s price value.
The volatility is persistent as the Bollinger bands do not show any noticeable movement of the upper or lower band, as both are present at the $195 and the $132 mark, respectively, with the mean average of both the bands forming at the $164 mark above the price level, the noticeable thing is the $164 is also the crucial resistance level as well. Though the indicator still shows a considerable space for the price function to move up.
The relative strength index (RSI) is in the center of the neutral zone at 47 index, as the RSI has remained in the lower half of the neutral zone since 17th September and went near the underbought zone at times but never dipped in, and is again rising since 28th September. The RSI is currently found near the center but still in the lower half of the neutral zone because of a decrease in trading volume, which is down by five percent today.
The MACD though still bearish, as the color of the histogram is still light red, but the bars appear smaller with time. As we know, MACD is a lagging indicator based on historical data, but it still indicates a declining bearish trend.
Litecoin price analysis: 4-hour charts and recent developments
The 4-hour price chart for Litecoin price analysis further reinforces the bullish momentum as continuous green candlesticks are appearing on the hourly charts indicating the bullish progress, as bulls take the price higher, shooting past the upper limit of the Bollinger bands.
The volatility is increasing, as can be seen on the 4-hour chart; the Bollinger bands show expansion of its ends, with the upper end at $158 below the price level and the lower end at $138, making an average at $148. The indicator shows some chances for correction to take place in the coming hours. The relative strength index (RSI) has moved up near the overbought limit during the current hours and is present at the 66 index.
Litecoin price analysis: Conclusion
The Litecoin price analysis suggests a correction might start in the coming hours due to the upwards price movement since the start of today’s session. The traders may want to book profits, which will affect the price function, but for a short time period, as the short-term indications are all in favor of the bullish side. We expect LTC/USD to rise again after a small correction, but the resistance of the $164 may not be retested today.
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