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Litecoin price analysis: Bullish momentum fades as price stalls near the $56 support level

Litecoin Price analysis
TL;DR Breakdown
  • Litecoin price analysis shows a bullish trend
  • The key resistance level is present at $60
  • Support for LTC/USD pair is present at $56

Recent Litecoin price analysis reveals the LTC/USD pair is currently in a bullish trend. The digital currency has surged by over 3.54 in the last 24 hours and is trading at $57.57 at the time of writing. However, the LTC price is facing some resistance near the $60 level and it might struggle to clear this hurdle in the short term. The bullish momentum seems to be fading as the price stalls near the $56 support level. The next major resistance for the pair is near the $60 level. If the bulls can push the price above this hurdle, it is likely

The digital asset currently boasts a market cap of $4.06 billion and a 24-hour trading volume of $$378,905,911.50.Litecoin currently ranks in position 20 with a circulating supply of $4,837,842,682.11.

LTC/USD 1-day price analysis: what to expect?

The LTC/USD pair is currently consolidating above the $55 level after a sharp increase in the last 24 hours. The digital currency might continue to rise higher as long as it is trading above the $56 support level. However, if the price fails to hold this support, it could revisit the $54 level. On the other hand, if the price breaks above the $60 resistance level, it is likely to climb higher towards the $62 and $64 levels.

The moving average lines are placed well below the candlesticks which indicate that the path of least resistance is to the upside. The RSI indicator is currently above the 50 level which also confirms that the bulls are in control of the market. The MACD line is currently above the signal line which is another bullish sign.

image 242
LTC/USD 1-day price chart. Source: Trading view

Looking at the chart, Litecoin’s price seems to be following a bullish trend. However, it is facing some resistance near the $60 level. If the bulls can push the price above this hurdle, it is likely to continue its upward move towards the $62 and $64 levels. On the other hand, if the price fails to hold the $56 support level, it could retrace lower towards the $54 level.

The market volatility is currently at a low level as indicated by the ATR indicator. This means that Litecoin’s price is not likely to make any major moves in the near term. The Bollinger bands are slightly expanding which indicates that the price might make some more upsides in the near term.

Litecoin price analysis on a 4-hour chart: Bears stage a comeback as price breaches key support

Litecoin price analysis on the 4-hour chart shows Litecoin’s price is trading below the $57.50 level after a sharp increase in the last 24 hours. The LTC/USD pair is currently trading near the $57 level on a 4-hour chart. The digital currency has formed a descending triangle pattern which is typically considered a bearish signal. However, the price is likely to find support near the $56 level which might prevent it from breaking below the triangle. The MACD line is currently below the signal line which is another bearish sign. The RSI indicator is also heading towards the oversold territory which adds credence to the bearish case.

image 241
LTC/USD 4-hour price chart. Source: Trading view

Looking at the chart, Litecoin’s price seems to be following a bearish trend. However, it has found support near the $56 level which might prevent it from breaking below the descending triangle pattern. The MACD line is also indicating that the bears are in control of the market.

Litecoin Price analysis conclusion

Litecoin price analysis for today shows that the digital currency is facing some resistance near the $60 level. However, it has found support near the $56 level which might prevent it from breaking below the descending triangle pattern. The market is expected to be volatile in the near term and the reversal is likely to occur near the $60 level.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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