Litecoin price analysis reveals that the LTC/USD price is currently in a bullish trend as it rallies to break out at the $55.82 level. However, the cryptocurrency is facing rejection at $56.50 as the bulls seem to be losing momentum. Litecoin’s price started the day trading at $53.55 and has so far hit a high of $56.50 as the bulls continue to push the prices higher.
The price has increased by more than 3.82 percent in the last 24 hours and is currently trading at $55.52. The 24-hour trade volume has also decreased marginally and is currently at $539 million. The market capitalization of Litecoin is currently at $3.9 billion, which is the 5th largest in the world.
LTC/USD 4-hour price chart: Latest developments
The 4-hour Litecoin price analysis shows that the price made higher highs and higher lows, which is a bullish trend. The price has also managed to break out of the descending channel that it was trading in for the past few days.
The LTC/USD is trading above the 50 simple moving average (SMA) and the 200 SMA, which indicates that the bulls are in control of the market. The Relative Strength Index (RSI) is currently at 63.83, which indicates that the prices are neither overbought nor oversold. The 50 MA is currently at $54.21 and the 200 MA is at $52.65.
Litecoin price analysis for 1-day: Bulls push for higher prices
Litecoin price analysis reveals the market’s volatility following a breakout cryptocurrency has rallied to break out at $55.82 which means that the bullish momentum is still intact as the market looks to continue higher. The next level of resistance is at $56.60 and if Litecoin can break out and close above this level, it would open up the possibility of a move towards $57.50. On the downside, support is present at $53.55, and if the prices move below this level, it could lead to a sell-off.
The RSI indicator is trading above the 50 level, which indicates that the prices are neither overbought nor oversold. The market looks to be in a bullish trend as the 50 SMA is trading above the 200 SMA. The LTC/USD is moving above the Moving Average indicator, which indicates that the bulls are in control of the market.
Litecoin price analysis conclusion
To conclude, Litecoin price analysis reveals the cryptocurrency follows an upward trend with much room for activity on the positive extreme. The market looks to be in a bullish trend as the 24-hour chart and 4-hour technical indicators point to more gains. Investors are advised to buy the dips as the market looks set to continue higher.
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