- The Litecoin price analysis is bullish.
- Support for LTC/USD is present at $100.7.
- Next, resistance for LTC is present at $106.8.
The Litecoin price analysis is bullish for today as the coin is recovering after rejecting further downside at $102.2. LTC price has recovered to $104.6 as bulls have finally got support, and the bullish momentum seems strong. The LTC is trading in the range where it was at the start of the month of March after going through continuous degradation for the last 12 days.
Some bullish efforts are also visible for this particular time, but overall the trend has been mostly bearish, and the trend line is downwards. Today’s recovery is a positive indication, but how long it lasts will be determined by the next trading session; if it continues or lasts as just a part of the ongoing downtrend.
LTC/USD 1-day price chart: Will bears make a comeback?
The 1-day price chart for Litecoin price analysis shows the bulls have been controlling the market mostly for today but the past week overall proved detrimental as the price trend line is steeply downwards. The LTC is currently trading at $104.6 after recovering. The coin is still in a loss of 0.33 percent in value over the last 24 hours, and the coin also shows a 17.3 percent loss in value over the past week. The moving average indicator in the one-day price chart is trading at the $112.6 position after continuing its descent below the SMA 50 curve.
The volatility has been high, with the Bollinger bands showing divergence. The upper band is at $137, representing resistance, and the lower band is at $103, representing the strongest support for the LTC price function. The Relative Strength Index (RSI) score has started to improve today after reaching near the border of the undersold zone, and the indicator has recovered up to index 37. The score is comparatively low, but the curve of the indicator is upwards, hinting at the buying activity in the market that resumed today.
Litecoin price analysis: Recent developments and further technical indications
The four hours Litecoin price analysis is also supporting the bulls as, despite the fact that the price breakout was downwards, bulls have performed well and taken the lead back, as overall the price is trading in greens for today. However, the price is retracing again as the last candlestick is red, which shows the price movement of the last four hours in the negative direction.
The volatility is also high on the 4-hour price chart as its upper value is present at the $116 limit and its lower value is at the $100 position. The indicator is showing high volatility for LTC as the lower band is diverging more downwards. The Bollinger bands maintain the average value of $108.5. The RSI score is decreasing again as the price is going down again due to the selling pressure that just built up in the market. The RSI indicator shows a reading of 36, and the curve is also slightly downwards.
Litecoin price analysis: Conclusion
The Litecoin price analysis shows bulls are recovering the price levels and have been successful in reclaiming $104.6. We expect LTC/USD to continue upside today after the correction lasts in the coming hours.
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