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Litecoin price analysis: LTC recovers to $56 as bulls carry on their lead

Litecoin price analysis: LTC recovers to $56 as bulls carry on their lead
TL;DR Breakdown
  • Litecoin price analysis is predicting a bullish trend.
  • Resistance for LTC is present at $60.2.
  • Support for LTC is present at $54.2.

The Litecoin price analysis is dictating an increase in the price value today. The price levels have increased again as bulls continue their lead after the previous trading session, which resulted in a break upward for the price function at the start of today’s trading session. The coin value is $56.02 currently, after a slight increase in the price level. The past few hours experienced some activity from the bearish side, yet the most recent trend has been in favor of bulls. The increase in price is small, but a green candlestick has appeared on the chart.

LTC/USD 1-day price chart: LTC gains 1.38 percent overnight

The 1-day price chart for Litecoin price analysis shows the cryptocurrency analysis is going in a bullish direction today, as buyers have marked their dominancy once again. The bullish momentum is not huge but has successfully been able to dodge past the bearish building momentum. The price has increased to $56.02 as the coin gained 1.38 percent value during the last 24 hours. As the trend has been mostly upwards during the past week, the coin gained 17.82 percent value over the past seven days.

Despite the increase in price today, there is an imminent possibility that it can undergo a switch in a bearish direction as selling pressure also appeared during the past hour. The Moving Average (MA) indicator is trading at $51.5.

ltc1 day
LTC/USD 1-day price chart. Source: Trading view

The volatility is high, which indicates a relatively positive signal for the future. The Bollinger bands show the upper band at $66.2, representing the resistance for LTC, and the lower band at $41, representing the strongest support for LTC. The Relative Strength Index (RSI) is hovering near the value of index 48, and the curve is almost horizontal, indicating a fight between the bullish and bearish sides.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour Litecoin price analysis is also depicting a slight rise in the price levels today. The bullish momentum has been continuous, and the price has been gradually moving upwards for the last 16 hours to reach the value of $55.90.

ltc4 hour 1
LTC/USD 4-hours price chart. Source: Trading view

The moving average, on the other hand, is also way higher than the mean average of the Bollinger bands and is $54.7. The volatility is gradually increasing, which is a positive hint for the future of cryptocurrency.

The Bollinger’s bands are showing the following values; the upper band is present at $56.6, while the lower band is present at $50.3 at the time of writing. The RSI score hasn’t changed much as the indicator trades at index 63 in the upper half of the neutral zone.

Litecoin price analysis conclusion

The 1-day and 4-hours Litecoin price analysis indicates a slow increase in the price levels today. After successive tries from the bulls to continue their lead, they have launched the price at the $56 mark.

If the support from the buyers remains intact, then there is a possibility that the bulls will take the price higher to the $58 range. But if the support withdraws, then the price may fall back to the $54 range.

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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