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Litecoin price analysis: Bullish momentum takes the price to $183. What’s next?

Litecoin price analysis Bullish momentum takes the price to What s next

TL;DR Breakdown

  • Litecoin price analysis is bullish today.
  • The nearest resistance is found at $185.4.
  • The nearest support for LTC is present at $181.4.

The Litecoin price analysis reveals the market is again dominated by bulls. The price has increased today again for the third consecutive day. Overall during the last week, the price trend was slightly on a downslope, but the last three days proved worthwhile for the crypto pair as the price of LTC/USD increased from $172 to $184 during this time. Currently, the price is floating in the upper price envelope, which was found after the flash crash of 7th September. The nearest resistance for LTC/USD is present at $185.4, followed by another resistance of $189.6. On the contrary, support for LTC/USD pair is present at $181.4, followed by another support of $177.

LTC/USD 1-day price chart: LTC bulls to face resistance at $185.4

The 1-day price chart for Litecoin price analysis shows bulls are successfully maintaining the price above $180, they achieved the target yesterday and today are continuing further high. Today bulls covered the upwards range from $181.4 to the current price of $184. The LTC/USD pair gained over 2.5 percent value over the last 24 hours and around four percent value over the course of the last seven days. The trading volume has also increased by nearly six percent.

Litecoin price analysis: Bullish momentum takes the price to $183. What's next? 1
LTC/USD 1-day price chart. Source: Tradingvew

The volatility for LTC/USD pair is almost mild, but slightly on the higher side, and the Bollinger bands indicator shows a little upwards breakout with the upper band at the $194.8 mark, representing the resistance for LTC, and the lower band at the $141.6 mark, representing the lowest support for LTC/USD. The average of the indicator is at $168, which also is a support for the price, as the price is trading above the mean average.

The relative strength index (RSI) is in the upper half of the neutral zone on an upwards curve, indicating increasing buying activity in the market at a modest pace. The RSI is present at index 58 in the neutral zone.

The moving average (MA) is present at $178 below the price level complementing the bullish momentum. All the short-term moving averages and exponential moving averages support the bullish trend.

The Litecoin price analysis: Recent developments and further technical indication

The 4-hour price chart for Litecoin price analysis shows selling pressure forming in the market as price touched $184, which is evident by the last red candlestick, but traders can expect that this candlestick may turn green because the Bollinger bands have started diverging on both sides.

Litecoin price analysis: Bullish momentum takes the price to $183. What's next? 2
LTC/USD 4-hours price chart. Source: Tradingvew

The increase in volatility which is indicated by the divergence of the Bollinger bands is providing more space for the upwards price function. The upper Bollinger band is now at $186, representing the resistance for LTC/USD. As the price trend is upwards, we can expect the price to rise further. The RSI has taken a downturn and is present at index 59, which is not a good indication.

Overall technical indicators support the bullish trend as 14 technical indicators show buy signs for LTC/USD assets, and only two technical indicators show sell signs, whereas 10 technical indicators show no signs and are standing neutral.

Litecoin price analysis: Conclusion

The litecoin price analysis shows bullish momentum is leading the price function. The selling pressure as noted on the 4-hour price chart may get reversed if the support remains strong and buying activity, as suggested by the 1-day RSI, keeps on increasing. Traders can expect the price to go above $184 in the coming 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.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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