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Litecoin price analysis: LTC recovers at $62, will bears make a comeback?

Litecoin price analysis: LTC recovers at $62, will bears make a comeback?
TL;DR Breakdown
  • Litecoin price analysis shows hints of a bullish trend.
  • Support is present at $59 for LTC.
  • Resistance found $64.6 yet to be attempted.

The Litecoin price analysis for today shows LTC is in the recovery process. The bulls are attempting to take the price higher, and currently, the LTC/USD price has recovered up to $62.6 and it seems like the price will increase further today, but for that, the market sentiment must remain positive. After yesterday’s correction, the bulls are trying to break the pattern and continue their course as they have recovered the loss made by bears at the start of today’s trading session.

LTC/USD 1-day price chart: Bulls defining the intraday trend

The 1-day Litecoin price analysis shows a slight price improvement today as the last red candlestick has turned green but is quite small in size as the gain is nominal. Bulls are successfully carrying out their lead towards the resistance mark of $64.6 after taking the price above yesterday’s price cap.

ltc 1 day 1
LTC/USD 1-day price chart. Source: tradingview

The volatility is still higher and is slowly increasing than yesterday’s level as the lower Bollinger band gently moves down the slope and is at the mark of $59, indicating an increase in the volatility and support for the LTC price. The upper band is at $73 and still moving straight representing the resistance.

The moving average is above the price level at $64.1, and the Bollinger band average is at $66.8. Both the technical averages are above the price level showing the bearish dominance over the price function.

The relative strength index (RSI) is hovering in the lower half of the neutral zone at a score of index 38. The position of the RSI is neutral, but the straight movement of the indicator hints at a competition between both sides of the market.

LTC/USD 4-hours analysis: Recent developments and further technical indications

The 4-hours Litecoin price analysis shows bulls carrying the lead as green candlesticks are appearing on the hourly chart. The price breakout was downwards at the start of the day and the price decreased as well, but now bulls have equaled the loss incurred at the start and are aiming for further highs.

LTC4 hour
LTC/USD 4-hours price chart. Source: Tradingview

As we can see in the chart, the volatility is decreasing as Bollinger bands continue to contract towards a shallow curve from yesterday. The upper band is at the $67 mark, and the lower band is at the $60 mark. The moving average (MA) is $62.6, and the Bollinger bands average is $63.6 which is higher than the price level.

The RSI is also below the centerline of the indicator at index 41. The low RSI indication is providing a big envelope for buyers to come in which will provide support to the price function of LTC.

The technical indicators for Litecoin price analysis are primarily bearish with strong bearish dominance. Most of the critical indicators are either neutral or on the selling side. Out of a total of 26 indicators, 14 are on the selling side and only four on the buying side, whereas, eight indicators stand neutral.

Litecoin price analysis: Conclusion

The 1-day and 4-hours Litecoin price analysis is showing a bullish trend at the moment but under bearish dominance. As most of the recent technical indicators, such as simple moving averages of SMA10, SMA20, and exponential moving averages EMA10 and 20 and MACd are all on the selling side.

This shows still a selling pressure can come in at any time. If the market pressure hits the road, then the coin price can come as low as $59, and if bulls dodge their way out, we can see LTC shooting to $644.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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