Litecoin price analysis remains bullish, as the token continued along an upward ascent that has propelled LTC price up by more than 26 percent in 6 days. Price rose as high as $59.67 over the past 24 hours to continue testing resistance at $60. LTC has achieved a month-long high at this point since and is back up to the mark that initiated a severe downtrend on June 8, 2022. Over the next 24 hours, major technical indicators suggest that Litecoin price could breach the $60 resistance. However, with added volatility and short sellers looking to make profits out of an ascending market, traders will need to be cautious of over-committing to Litecoin’s cause.
The larger cryptocurrency market followed Litecoin’s trend to make significant increments across the board over the past 24 hours. Bitcoin rose up to the $22,000 mark with an important 5 percent ascent. Ethereum jumped 10 percent, moving as high as $1,500. Meanwhile, leading Altcoins also showed significant uptrends led by Cardano’s 8 percent gain to move up to $0.48. Ripple rose 3 percent to $0.35, while Dogecoin jumped 4 percent to $0.06. Solana rose up to $40.48 with a 5 percent uptrend, while Polkadot moved up to $7.38, moving 6 percent upwards in the process.
Litecoin price analysis: RSI value skyrockets on 24-hour chart
On the 24-hour candlestick chart for Litecoin price analysis, price can be seen forming an extended ascending triangle pattern which has been in place since July 13, 2022. Since then, LTC price has risen from a lowly $46.37 up to as high as $59.67, with the trend expecting to make further inroads towards resistance at $60. Price traded above both the 9 and 21-day moving averages over the past 24 hours, along with the crucial 50-day exponential moving average (EMA) at $53.67.
The 24-hour relative strength index (RSI) value skyrocketed up to 59.65, just about into the the overbought region. However, trading volume still rose 3 percent. A price correction may be imminent looking at the RSI value, but it could also present an opportunity for bulls to breach the resistance point at $60. Similarly, the moving average convergence divergence (MACD) curve presents a bullish outlook by forming higher highs in a bullishly diverging pattern. LTC support is now set at $54.37 and any movement below this point over the next 24 hours could invalidate the bullish thesis.
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