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Litecoin price analysis: LTC prices surge to $115.12, prepares to test further upward trend

ltc

TL;DR Breakdown

  • Today Litecoin price analysis shows a bullish trend
  • LTC prices are facing a significant resistance level of $117.6
  • Litecoin prices have seen support at $114.1
Litecoin price analysis: LTC prices surge to $115.12, prepares to test further upward trend 1
Cryptocurrencies prices heatmap, source: Coin360

Litecoin prices opened today’s daily market showing a mixed reaction with prices trading at $115.39 after opening at $115.12. Since then, the prices have seen a bullish run as the market currently tests the resistance levels at $117.6.Litecoin price analysis reveals that Litecoin prices have been recently moving from $111.8 to $116.33 in the last 24 hours. The prices have found good support at $114.1, which is also the 200-day simple moving average (SMA) line. The bullish spell is expected to continue if the prices can break past the resistance level at $117.6. If that happens, then the prices could surge to $120.4 and even $130 in the short term.

Litecoin prices have been trading in a sideways trend since the start of this year. The prices have been oscillating between $113.0 and $117.0 with a brief breakout to $115.1 in March. The current resistance level at $117.6 could be a turning point for the prices as a break above it would indicate a strong bullish sentiment in the market. The trading volume has been on the rise in the last few days, which is a good sign for the bulls. Bulls are expected to put more pressure so as to push the prices higher past the resistance level.

Litecoin price action on a 1-day price chart: LTC/USD prices consolidate around $11537 as they prepare to break out upwards

The 1-day price chart for Litecoin shows that the LTC/USD prices have gained 0.45 percent on the price. The current market sentiment shows that the market is in a bullish trend as the prices are trading above the 200-day SMA line. The MACD indicator shows that the bullish momentum is strong as the signal line is above the MACD line.

Litecoin price analysis: LTC prices surge to $115.12, prepares to test further upward trend 2
LTC/USD 1-day price chart, source: TradingView

The RSI indicator for Litecoin is at 57.83, which indicates that the prices are neither overbought nor oversold. The moving averages (MA) are all placed close together, which indicates that the market is in a state of consolidation. The market sentiment is currently neutral as the prices are trading close to the 50 MA line. On the other hand, if the prices fail to break past the resistance level and drop below $114.1, then it would signal a bearish trend in the market. In such a case, the prices could drop to $109.0 in the short term.

Litecoin price analysis on the 4-hour chart: Recent developments and further technical indications

The 4-hour price chart for Litecoin shows that the LTC/USD prices have found good support at $114.1 and are currently trading close to the resistance level at $117.6. The Bollinger bands show that the market is in a bullish trend as the prices are trading above the upper Bollinger band.

Litecoin price analysis: LTC prices surge to $115.12, prepares to test further upward trend 3
LTC/USD 4-hour price chart, source: TradingView

The MACD indicator shows that the bullish momentum is strong as the signal line is above the MACD line. The RSI indicator for Litecoin is at 58.73, which indicates that the prices are neither overbought nor oversold. Other technical indications show that the prices could go higher as the bullish momentum is strong. The market is expected to face a significant resistance level at $117.6, which if broken could push the prices to $120.4 and even $130 in the short term.

Litecoin price analysis conclusion

In conclusion, Litecoin price analysis shows that LTC prices are in a bullish trend and are expected to test the resistance levels at $117.6. If the prices can break past this level, then the prices could surge to $120.4 and even $130 in the short term. On the other hand, if the prices fail to break past the resistance level and drop below $114.1, then it would signal a bearish trend in the market. In such a case, the prices could drop to $109.0 in the short term.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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