- LTC continued to rise today with a 5 percent increase in price
- The bullish run has pushed resistance up to $169
- Short to medium trend appearing slightly bearish with some retracement expected
Litecoin price analysis for the day shows further gains made by the token, surpassing the previous resistance point of $166. LTC moved up almost 5 percent on intra-day trade to sit at $167.01 at the time of writing. Trading volume also upped around 18 percent, confirming the continued bullish prospect for the coin. The recent upturn has pushed resistance up to $169 for now, with the token looking to pivot around the month-long high of $168.38. The short-term signs appear slightly bearish for LTC, suggesting that a correction may be on the cards soon.
The larger cryptocurrency market showed massively positive returns over the last 24 hours, led by Bitcoin’s rise of over 6 percent to just below $48,000. Ethereum rose 6 percent too, to consolidate at $3,300. Altcoins also exhibited positive returns, with Dogecoin upping 6 percent as well to sit at $0.21. Ripple crossed the psychological barrier of $1 with a 2 percent increase and Solana incremented almost 7 percent to sit at $157.94.
LTC/USD 24-hour chart: Bullish patterns signify daily trade
Over the past 24 hours, Litecoin can be seen going strength to strength. Price has increased from $140.01 on September 29 to a high of $168.92, rising over 20 percent. The Relative Strength Index (RSI) presents a healthy value of 52, showing trader interest in LTC that is far from an overvalued status. Over the past 24 hours, price has also moved above the 20 and 50-day Exponential Moving Average (EMA) and continues to rise. The Moving Average Convergence Divergence (MACD) line sits just above the neutral zone, confirming a solid position for the token. Over the next 24 hours, LTC buyers will look to help consolidate price around the resistance at $169.
LTC/USD 4-hour chart: Price clears EMAs, RSI presents bearish outlook
On the 4-hour chart for Litecoin price analysis, price can be seen moving clear of the 20 and 50-day EMAs. As price continues to test resistance at $169, the RSI value of 76.75 suggests of significant overvaluation for LTC. It could mean that a retestment may be on the cards in the short term for the coin. That being said, the MACD line over the short-term has steered well clear of the zero line neutral zone, suggesting the bullish momentum is set to continue.
Litecoin price analysis: Conclusion
As price continues to increase, LTC becomes more and more prone to sellers coming into the market to shift trend. Currently, price continues to test resistance at $169 after moving above the significant EMAs. Litecoin price has risen over 20 percent within the last 3 days and the RSI value over the short-term suggests that the token is overvalued. Over the next few sessions, traders are expected to sit on the fence before initiating the next trend, which is expected to be a retestment.
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