- Litecoin price analysis is bullish today.
- The nearest resistance is found at $185.3.
- The nearest support for LTC is present at $177.8.
The Litecoin price analysis is giving hints of bullish momentum. The price function has elevated the coin value again today. LTC/USD now clearly seems to be paving its way towards the $200 psychological mark, as the market is already speculating for it. The general direction is upwards since LTC has stabilized above the support zone of $167 after 4th October.
The broader cryptocurrency market is showing positive sentiment today, as the King of cryptocurrencies Bitcoin has again broken through the $55,000 psychological mark, gaining more than two percent value over the last 24 hours, with Ripple and Polkadot topping the chart with 10 and nine percent gains respectively. Most of the prices of the top coins also broke upwards as they are following the trend of the leader. However, some cryptocurrencies are also reporting losses along with the second top coin, Ethereum, but the margin is minimal.
LTC/USD 1-day price chart: LTC on a bullish ride
The 1-day price chart for Litecoin price analysis shows an increase in price as bulls covered an upwards range from $180 to $183, and the flight still continues. The LTC/USD pair is trading hands at $183.27 at the time of writing. Overall, LTC/USD gained a value of 3.5 percent over the last 24 hours and around nine percent over the last week. The trading volume is up by 2.9 percent, resulting in a market dominance of 0.54 percent.
The volatility is increasing for LTC/USD pair. The upper Bollinger band shows more divergence and is present at the $189 level, which is the highest resistance in the present scenario, and the lower band is present at the $136.4 level, which is the lowest support. The indicator’s average is $162 below the price level, which is also acting as a middle support.
The relative strength index (RSI) is in the upper half of the neutral zone at 59 index. The RSI is again on an upwards curve from 8th October after dipping slightly. The indicator shows buying activity is overwhelming all the odds for LTC/USD pair.
The Litecoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Litecoin price analysis further authenticates the elevation of price levels, as the price has been observed increasing continuously for the past few hours as bulls continue their endeavor.
The volatility is increasing again on the 4-hours chart, as the Bollinger bands show slow expansion after a sharp convergence on 9th October. The increase in volatility will provide some more upwards space to the price function as it is trading near the upper bands. The RSI has also come up to 60 index, gradually moving near the Overbought zone; however, the RSI indicator is still neutral.
The moving average (MA) is at the $179 level in the 4-hour chart, but the LTC price is trading above all the moving averages, which complements the bullish move for further gains.
Litecoin price analysis: Conclusion
The Litecoin price analysis suggests, the cryptocurrency is in bullish mode as most of the technical indications also complement the bullish momentum, and speculations are there for it to retest the psychological mark of $200 in the coming days which seems quite possible. But for the coming hours, traders should expect the price to remain under the $187 umbrella, as we expect the upper limit of $187 to be a stopover for the coin before the further move.
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