Litecoin price analysis: LTC aiming to rise above crucial moving averages at $70

Litecoin price analysis

TL;DR Breakdown

  • Litecoin price analysis shows an uptrend forming with a 7 percent rise over past 24 hours
  • Price targeting move back up to $70 with the next resistance point set around $85
  • 24-hour trading volume rose by 30 percent to accompany the price uptrend

Litecoin price analysis has turned bullish over the day’s trade, forming a 7 percent rise to move as high as $67.16. LTC has been subject to a horizontal trend around a narrow range within $70-$75 mark, before dropping down to $60.1 on May 26, 2022. Buyers have been quick to come into the market since then, forming a steady uptrend which now aims to target $70, once the first resistance point at $68 is breached.

The next resistance point will be met at $80, which could be a distinct possibility if price could follow up on today’s 7 percent rise over the next 24-48 hours. Conversely, price could slip below the lower boundary around $60 if price fails to hold around the current trend.

The larger cryptocurrency market exhibited significant uptrends similar to LTC, as Bitcoin rose more than 5 percent to move above the $30,000 mark for the first time in over 10 days. Ethereum rose almost 8 percent to move within touching distance of the $2,000 mark. Among major Altcoins, Ripple rose 4 percent to $0.40, while Cardano soared 13 percent to move as high as $0.53. Meanwhile, Solana trended 4 percent upwards to $45.86 and Polkadot jumped 5 percent to reach $10.32.

Screenshot 2022 05 31 at 12.39.24 AM
Litecoin price analysis: Cryptocurrency heat map. Source: Coin360

Litecoin price analysis: Daily chart shows price soaring above 9 and 21-day moving averages

On the 24-hour candlestick chart for Litecoin price analysis, the token can be seen forming a swift uptrend to rise back up to the $70 mark. After declining down to $60 just 2 days ago, buyers came into the market to lift LTC price over the past 24 hours. At current trend, LTC is aiming to move above the $70 mark where the 9 and 21-day moving average sit. Price also breached the crucial 50-day exponential moving average (EMA) over the past 24 hours at $66.9, which is also a highly bullish sign.

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Litecoin price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) shows market valuation shooting up over the day’s trade at 43.56, while a 30 percent increase in trading volume also underlines buyer interest for LTC. However, the upward movement past the first resistance at $68 may prevent further buying, and stop buy to be placed around the $69 mark. The moving average convergence divergence (MACD) curve also presents a bullish outlook, forming higher highs above the neutral zone. Litecoin price analysis is set to remain bullish over the next 24 hours, however a potential crash down to the $60 support would invalidate the bullish thesis.

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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