Litecoin price analysis continues to show bullish signs, as the token continued to witness upward ascent past the 20 and 50-day moving averages over the past 24 hours. LTC bulls will be targeting the resistance point at $60 over the current uptrend that initiated on July 13, 2022. Since then, price has risen more than 21 percent to recuperate the extended sideways pattern witnessed earlier in the month. Over the past 24 hours, LTC price rose as high as $56.47 and formed an ascending triangle pattern on the daily chart. Trading volume for Litecoin rose 47 percent over today’s trade while market cap rose 1.5 percent to 3,882,585,419.
The larger cryptocurrency market faced minor downtrends over the past 24 hours, with Bitcoin moving back closer to the $21,000 mark with a 1 percent dip. Ethereum consolidated above the $1,300 mark and could target $1,500 over the coming trading session. Among leading Altcoins, Cardano dropped 1.5 percent to $0.44, while Ripple moved down to $0.35 with a similar decline. Dogecoin dropped to $0.06, whereas Solana dropped 2 percent to $38.97 and Polkadot trended down to the $7 mark with a 1 percent decline.
Litecoin price analysis: RSI closing in towards overbought region on daily chart
On the 24-hour candlestick chart for Litecoin price analysis, price can be seen forming an ascending triangle over the weekend with price clearing the 9 and 21-day moving averages. The range of the upper triangle can be seen to be narrowing, which could break the trend as soon as seller pressure comes in. LTC bulls will look to test the $60 resistance with trading volume rising more than 47 percent, albeit lower than previous rallies. Over the past 24-hours, Litecoin moved clear of the 50-day exponential moving average (EMA) at $52.61.
With support set around the $50 mark, there is promise for further extension over the current trend. The 24-hour relative strength index (RSI) reached up to 55.54 over today’s trade and would be approaching the overbought zone over the next 24 hours which could trigger price correction. Meanwhile, the moving average convergence divergence (MACD) curve can be seen forming higher lows above the neutral zone, also presenting a bullish outlook.
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