Litecoin price analysis: LTC recovers at $60.23 amid high selling pressure

Litecoin price analysis
TL;DR Breakdown
  • Litecoin price analysis shows a bullish trend
  • Support for LTC price is present at $58.72
  • LTC/USD prices are facing rejection at $60.85

Recent Litecoin price analysis shows that the LTC/USD pair is currently in a bullish trend. The market has seen strong selling pressure, which has caused the prices to fall to $58.72. The support for the LTC price is present at this level, and it is expected that the prices will recover soon. However, if the selling pressure continues, the prices may fall further to $57.50.

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The LTC/USD pair is currently facing rejection at $60.85. This is a key resistance level, and if the prices are able to break above this level, it would confirm a bullish trend. The next target for the bulls would be $62.50.

LTC/USD daily price chart analysis: LTC/USD trades at $60.23 after a bullish run

The dailyLitecoin price analysis shows that the coin is currently in a bullish trend as it has made higher highs and higher lows. The coin has gained around 1.08% in the last 24 hours and is currently trading at $60.23. The 24-hour trading volume is $3.33 billion, and the market capitalization is at $3.77 billion. The LTC prices have been trading in a range between $58.72 and $60.85 for the past few hours, and it looks like the bulls are trying to push the prices above the resistance level of $60.85.

image 189
LTC/USD 1-day price chart, Source: TradingView

The 20 EMA is currently above the 50 EMA, which indicates that the bulls have the upper hand in the market. The 20 EMA is currently at $60.68, and the 50 EMA is at $59.84. The RSI is currently near the overbought levels, which indicates that the prices may correct lower in the short term. The MACD histogram is also in the positive territory, which indicates that the bulls are in control of the market.

Litecoin price analysis on a 4-hour price chart: Recent developments and further technical indications

The 4-hour Litecoin price analysis shows that the bulls are in control as the market is in an uptrend the bulls have been maintaining their lead quite efficiently. Although the bulls managed to upgrade coin value in the earlier hours of the day, the price has slipped a bit and is currently trading at the $60.23 mark.

image 188
LTC/USD 4-day price chart, Source: TradingView

The RSI indicator line is moving around 48.99 levels, showing that the market favors the bulls. However, if the price breaks out of the current range, we might see an upsurge in prices. The EMA’s are giving a mixed signal as the 20 EMA line is placed below the coin value, while the 50 EMA line is above it. This means that there might be some resistance at the $60.85 level. The MACD indicator line (blue) is currently trading above the signal line (red) which is a bullish sign.

Litecoin price analysis conclusion

LTC/USD is in a bullish trend from Litecoin price analysis, it is evident that the coin is in a bullish trend as the market indicators are all giving positive signals. The coin has made significant gains and is currently trading at $60.63. Bears might step in and push the prices down to $58.72 support levels. However, if the bulls can maintain their momentum, we might see the prices testing new highs soon.

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
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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