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Litecoin price analysis: LTC marks 17 percent gains following Bitcoin’s flight to ATH

Litecoin price analysis LTC marks percent gains following Bitcoin s flight to ATH

TL;DR Breakdown

  • Litecoin price analysis is highly bullish today.
  • Support for LTC is present at $232.
  • Resistance is found at $294.

The Litecoin price analysis shows the coin is aggressively bullish today as it rallied from $229 to $241 today. Litecoin surpassed the crucial resistance of $207 and then another crucial resistance of $219 yesterday. Today again, it moved above another crucial resistance of $232 in a swift move breaking above the five-month high level.

The recent bullish momentum of Litecoin started on 7th November, and from yesterday it started rallying higher and higher, following the Bitcoins ascend towards the ATH above $67,000, which started on 6th November, and from the very next day, the LTC followed suit.

LTC/USD 1-day price chart: LTC spikes above $240

The 1-day Litecoin price analysis shows that the cryptocurrency is trading at $241.9 at the time of writing. The LTC/USD has been on an upward price trend for more than a month, as the upwards trend is consistent from 29th September with a few corrections also observed, the steepest was on 27th October when LTC fell to the $178 level. However, the LTC/USD has recovered well thereon, and the highest jumps of LTC were observed yesterday and then again today. The LTC has gained a value of 17 percent over the last 24 hours as the trading volume went up by 163 percent, providing a market dominance of 0.57 percent to the coin.

Litecoin price analysis: LTC marks 17 percent gains following Bitcoin's flight to ATH 1
LTC/USD 1-day price chart. Source: TradingView

The Bollinger bands are expanding at a higher rate as the LTC started racing from 7th November, indicating high volatility for the crypto pair. The upper band has reached the $226 mark representing support for Litecoin, and the lower band has gone down to the $172 mark.

The moving average is present at the $208 mark, and the relative strength index (RSI) has entered the oversold region and is trading at index 72. The RSI is on an upwards curve indicating the bullish presence as higher buying activity in the market has been observed.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour Litecoin price analysis shows that selling pressure has taken over the market. As the LTC price touched the $247.5 mark, bears declined further move higher, and the price oscillated back north. But the decrease in price is still nominal as the crypto pair trades at $242 now, and bullish support is still there.

Litecoin price analysis: LTC marks 17 percent gains following Bitcoin's flight to ATH 2
LTC/USD 4-hours price chart. Source: TradingView

The volatility on the 4-hour chart is also high as the Bollinger bands now show the following figures, The upper band is at $240, representing support for the price and the lower band is at $176, the mean average of the indicator is at the $208 mark. The moving average is at $221, and the RSI shows a downwards movement but is still in the oversold region at index 79 on the 4-hour chart. But as the other technical indicators are indicating, the RSI may again start moving upwards in the coming hours as bullish presence is still strong.

Litecoin price analysis conclusion

The Litecoin price analysis is bullish for the next 24 hours, as bulls have taken over the price function aggressively, and the downtrend observed in the recent hours seems to be reversing soon. We expect the LTC/USD will continue higher over the coming hours today.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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