- Litecoin price analysis is bullish today.
- The nearest resistance is found at $181.4.
- The nearest support for LTC is present at $177.8.
The Litecoin price analysis reveals a continuation of the bullish lead. The price is advancing for the second day consecutively as bulls dominate the market. LTC/USD price over the past week observed a seesaw price action with overall a slight downslope over the said time period. The price usually closed below the psychological mark of $180 since 19th September; however, the coin started attempting to break above $180 from 6th October, but could not succeed as the price closed below the target mark every time. Today again, bulls are making another attempt to cross the $180 barrier as bulls have reached $179 again.
LTC/USD 1-day price chart: LTC bulls to attempt $180 again
The 1-day price chart for Litecoin price analysis shows price is again near $180 as bulls continue their endeavor. The price has improved from $177.7 to $179.8 today. The LTC/USD has gained more than 5.8 percent value over the last 24 hours as the price has been on an upwards trend continuously for the past 20 hours, but the coin is still at a loss of 0.24 percent over the course of the last seven days. The loss though small but still indicates the price trend for the past week. The trading volume has been down by 7.8 percent over the last 24 hours, with a market dominance of 0.52 percent.
The volatility is again increasing for the crypto pair as the upper Bollinger band is diverging but on a humble slope at the $192 mark representing the highest resistance for LTC along with more space for upwards price function.
The relative strength index (RSI) is also on an upwards slope at index 56 in the upper half of the neutral zone. The indicator has remained above the centerline of the neutral zone from 1st October. Though neutral, the indicator shows an increase in buying activity during the last few hours.
The moving average (MA) is below the price level at the $177 mark, as the price moved above the MA today, which is an indication of the bullish crossover. The short-term MA10, MA20, and MA30, along with EMA10, EMA20, and EMA30, all support the bullish trend.
The Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis shows LTC is facing resistance at the target mark of $180 as selling pressure is natural after the 20 hours of a bullish streak. Also, the $180-$181 is the resistance level of September 19, from where a sharp decline in coins value was observed, along with the 10th October resistance when LTC was rejected from $180. The existence of selling pressure is obvious at this point.
The volatility is slowly increasing on the 4-hour chart as price moved up swiftly during the last few hours, with the upper Bollinger band at $184 and the lover band at $167, making an average at the $176 mark. The RSI has also taken a downturn during this time and is found at index 55. The RSI shows an increase in selling activity as the price has stepped down a little bit in the last hour.
Overall the technical indicators for Litecoin price analysis are in favor of bullish trend as the bullish momentum dominated the price function for the last few hours with 16 technical indicators favoring the buying decisions of LTC/USD assets, and only one technical indicator is advising the selling of assets, whereas nine technical indicators stand neutral.
Litecoin price analysis: Conclusion
Looking at the price charts and technical indications for Litecoin price analysis, it can be safely assumed that the price will go up in the near future, as most of the technical indications suggest. But for intraday traders, we expect the price to come down more in the coming hours, as the 4-hour chart shows, but if the support remains strong at $177.8, traders can expect the price to float above $178.
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