- Litecoin price analysis is bullish today.
- Strong support for LTC/USD is present at $149.
- Resistance for LTC is found at $155.
Litecoin price analysis reveals the coin is stable in bullish form and factor as the price has reached $153. Currently, LTC is testing the resistance at $153 as the price swung high towards the $156 range but reverted back to $153 as selling pressure is there, and LTC will have to retrace before further advancement towards $155 resistance.
LTC/USD 1-day price chart: bulls have maintained the price level near $150
The 1-day price chart for Litecoin price analysis shows the bulls have successfully maintained the price levels near the $150 range as the price hasn’t fallen lower, and the price has constantly been increasing since yesterday as well. Bulls have also stopped the steep bearish trend, which was prevailing for the past weeks as more selling activity was observed in the market previously. But now the price is maintaining its level, which is obvious from the 1-day price chart.
The price has traveled above the moving average (MA) level, which is present at the $151 mark. As the price has been on a continuous decline for the last month, the Bollinger bands also show a downtrend, with both its arms traveling downwards. The upper band is present at $204, and the lower band is present at $123 representing support for LTC. The relative strength index (RSI) score has improved to index 40 after the recent bullish trend and buyers’ support. The RSI was indicating quite a pressure on the coin price previously as it was trading near the undersold zone.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour chart for Lite price analysis also confirms the bullish trend for today, as bulls rallied high at the start of the trading session. The coin also corrected slightly in the second half of the last trading session but started to recover at the end and then gained momentum at the start of today’s trading session. However, some selling pressure was also observed in the last four hours as the price is correcting again. The MA value is present below the price level at $149 on the 4-hour chart.
The volatility is low, as the Bollinger bands are maintaining their extreme end in a narrow range. The upper band is present at the $156 mark, and the lower band is present at the $143 mark representing the support level for LTC/USD pair. The RSI curve, after traveling upwards, has taken a downturn to index 57 due to the selling activity observed during the last four hours.
Litecoin price analysis: Conclusion
The Litecoin price analysis is overall bullish for today as the price is trading in green and has spiked above the $150 psychological mark, but selling pressure has been observed in the last four hours, which was expected at this point as this is a resistance level for the coin as well. We expect LTC to break above $153 after correcting for a few hours more today.
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