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Litecoin price analysis: Bullish spell drives LTC prices to $56.65

Litecoin Price analysis
TL;DR Breakdown
  • Litecoin price analysis is bullish today
  • LTC prices facing resistance at $57.46
  • Litecoin has sought support at $56.10

Litecoin price analysis shows that the coin has had a bullish start to the day after a brief spell of consolidation yesterday. The cryptocurrency is now trading at $56.65, which is just below the intraday high of $57.46.The LTC/USD pair is up by 0.50% on the day and is trading in the green on all timeframes. The 24-hour trading volume is $439 million, and the market capitalization is $4.01 billion.

The bulls will be looking to push prices higher and break above the resistance at $57.46. If they are successful, the next target for the bulls will be $59.00. On the other hand, if the bears defend the resistance at $57.46, Litecoin prices could retrace to $56.10 where they will find support.

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LTC/USD 4-hour price chart: Recent update

On the 4-hour chart, Litecoin price analysis has formed a bullish ascending channel. The cryptocurrency is currently trading at the top of the channel and looks set to move higher. However, the bulls will need to be cautious as the bears could defend the resistance at $57.46 and push prices back down to $56.10. The market is currently in the hands of the bulls, and Litecoin prices are likely to move higher in the near term.

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LTC/USD 4-day price chart, Source: TradingView

Litecoin price analysis shows that the coin has had a bullish start to the day as the MACD indicator shows increasing bullish momentum. The RSI indicator is also in the overbought region, which suggests that prices could retrace in the near term. The 50-day and 200-day simple moving averages (SMAs) are both flat, which suggests that the market is in a consolidation phase.

Litecoin price analysis 1-day price chart: LTC/USD facing resistance at $57.46

The 1-day Litecoin price chart shows that the cryptocurrency has been in a strong uptrend over the last 24-hours as it looks to continue its bullish momentum. After finding resistance at $57.46, prices have retraced to $56.65 where they are currently trading. The bulls will be looking to push prices higher and break above the resistance at $57.46.

image 241
LTC/USD 1-day price chart, Source: TradingView

The 1-day MACD indicator is bullish as the signal line is above the histogram. The RSI indicator is currently at 63.16 and indicating the market is in bull territory. The 50-day SMA is currently at $54.32, and the 200-day SMA is at $51.68. This suggests that the market is in a strong uptrend as prices continue to move higher.

Litecoin price analysis conclusion

Overall, Litecoin price analysis is bullish today as the market looks to continue its uptrend. The technical indicator on both the 1-day and 4-hour timeframe is bullish, which suggests that prices could move higher in the near term. The bulls will be looking to push prices above the resistance at $57.46 while the bears will look to defend this level and push prices back down to $56.10.

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.

joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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