TL;DR Breakdown
- Litecoin price analysis is bullish today.
- Strong support for LTC/USD is present at $149.
- Resistance for LTC is found at $155 next.
The Litecoin price analysis shows that after the buyers found support at $143, the price bounced up towards $153 on 19th December. As we predicted in our analysis on the same day, that LTC will have to retrace before continuing further upside, so LTC corrected yesterday and is continuing upside today. At the moment price function is again retesting the $153 resistance and bulls require more support to make a breakthrough. The RSI is also hinting at the high pressure presently.
LTC/USD 1-day price chart: bulls need more support
The 1-day Litecoin price analysis shows the price has increased today as it has reached back the price cap of 19th December. The LTC is trading hands at $153.69 at the time of writing. The crypto pair reports an increase in price value by 4.16 percent over the last 24 hours, and the cryptocurrency also reports an increase in value by 3.03 percent over the past week. The market cap also increased by 4.64 percent since yesterday, but the trading volume dipped by 23.70 percent.
The Bollinger bands show the volatility is limiting as the indicator is converging, with the upper band at $186 and the lower band at $150 representing support, the average of the indicator is at $158, representing resistance for LTC. The moving average (MA) is at the $150 mark below the price level. The relative strength index (RSI) is at a score of 40 on a very slight upward curve, indicating the buying activity in a high-pressure market.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis shows the bulls started to rally from the second half of yesterday’s trading session following a correction for a few hours towards the $147 range. The price function remained upwards today as well, but bearish efforts were also observed during the day when the price corrected again. However, the price is increasing again as bulls are trying to break past $153 resistance.
The volatility is comparatively high for LTC but less than the past few days on the 4-hour chart, as the Bollinger bands are converging slowly. The upper band is at the $156 mark, and the lower band has come up towards the $146 mark. The average of Bollinger bands is at $151, representing support for the coin. The moving average (MA) is at the $151 mark as well. The relative strength index (RSI) is trading at index 74, and the RSI still maintains its upwards curve, but the curve is mild, indicating the bearish pressure at this point.
Litecoin price analysis: Conclusion
The Litecoin price analysis shows the coin has recovered completely after correcting yesterday, this is the time where bulls need more support, and they will likely get. We expect LTC/USD to break above the current resistance level of $153, and the bulls may rally towards $159, but a correction may also be seen before hitting the next target.
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