- LTC is bullish today, according to Litecoin price analysis.
- Support for LTC/USD is present at $178.
- Resistance is found at $189.5.
The Litecoin price analysis shows LTC is in bullish form as the price breakup is now upwards of $178, despite breaking below at the start of today’s session. LTC/USD is showing good performance as the cryptocurrency is on an upwards trend from 29th September, gaining significant value over the previous 11 days. The LTC/USD pair price has again entered the upper price channel of the last three months.
The broader crypto market is showing bullish sentiment as Ethereum and most of the top altcoins are reporting gains today. But the pioneering Bitcoin is in correction mode today; however, the leader Bitcoin is overall bullish, and the price is floating above the psychological mark of $50,000, exactly at $54530 at the time of writing.
Litecoin gained more than eight percent price value over the last 24 hours and has been reporting more than a 23 percent gain in value over the past week.
LTC/USD 1-day price chart: LTC bulls to face the resistance of $188.7 next
The 1-day price chart for Litecoin price analysis shows a strong bullish momentum. Bulls successfully surpassed the first resistance of $181 today, and now they are leading the price function towards their next target of $188.7. Today LTC/USD covered a good range from $178 to $185; The crypto pair is trading at the later figure at the time of writing.
The volatility is once again increasing for LTC/USD pair as the Bollinger bands again started diverging from yesterday; as can be seen on the 1-day chart, The upper band is at $187, and the lower band is at the $135 mark. As the price is near the upper band, the indicator shows more price variations to be observed in the upcoming time.
The relative strength index (RSI) is shooting upwards, as can be observed from the upwards slope of the indicator. RSI is currently trading at 60 index, indicating an increasing buying activity of LTC in the market; however, the indicator itself is in the neutral zone.
The MACD oscillator indicator is giving a strong bullish signal, supporting the buying side of the market. As can be observed, the histogram is dark green, and the bars are elongating upwards, indicating the bullish trend in full swing.
The Litecoin price analysis: Recent developments and further technical indications
The 4-hour chart for Litecoin price analysis shows, bulls successfully took over the bearish attempts at the start of today’s session and covered a good range. Bulls are dominating the price function of the LTC/USD pair as they recovered the bearish loss of the early hours and surged the price further up, aggressively marking their presence.
The volatility is high on an hourly basis, as can be noted from the vast expansion of the Bollinger bands, which started expanding yesterday and still continues. The RSI shows a flat movement currently on the 4-hour chart, indicating some competition among both sides of the market. However, the indicator is near the overbought limit at the 64 index.
The short-term and the mid-term moving averages (MA) and exponential moving averages (EMA) support the bullish side, as they indicate the buying signs for LTC assets. At the same time, the oscillator technical indicators are mostly neutral but show some support for the bullish side, with the Momentum oscillator also supporting the buying of assets.
Litecoin price analysis: Conclusion
The Litecoin price analysis and technical indications strongly support the ongoing bullish momentum. The LTC/USD pair price is expected to increase in the coming hours. The next resistance level of $189.5 is quite steep, but the bullish outlook of LTC is outright aggressive, and LTC/USD may surpass this crucial resistance as well in the next 24 hours.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.