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Litecoin price analysis: Bullish momentum helps elevate LTC to $56.17

Litecoin price analysis

Today Litecoin price analysis shows that the bulls have been in control of the market since yesterday. The pair has risen from $54.94 to the current level of $56.17. This price action is indicative of a bullish trend in the market. The LTC/USD pair faces resistance at the $56.59 level. A break above this resistance level would confirm the bullish trend and open up the possibility for further gains towards the $58.00 and $60.00 levels.

On the downside, support for the LTC/USD pair is seen at the $54.94 level. A break below this level could see the pair retrace towards the $53.00 level. The Litecoin price is currently trading in a bullish trend as the bulls push the price higher. The 24-hour trading volume is $428 million, and the market capitalization is $4.00 billion.

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LTC/USD 1-day price chart: LINK increases value by 1.25% after a strong bullish movement

The 1-day Litecoin price analysis shows that the market has been on a bullish trend after a strong bullish move on the 24-hour chart. The LTC/USD pair is currently trading at $56.17 after an increase of 1.25% in value on the day. Bulls gained momentum after breaking out of the $54.94 resistance level. The market is likely to continue its upward move as bulls target higher levels during the day.

image 219
LTC/USD 1-day price chart. Source: TradingView

The LTC/USD pair is currently trading above the Moving Average indicator in the 1-day timeframe. The 50-day Moving Average is currently trading at $54.59 while the 200-day Moving Average is at $51.15. This indicates that the market is in a strong bullish trend in the long term. The Relative Strength Index indicator on the 1-day timeframe is currently trading at 66.22, which indicates that the market is in the bullish zone. The MACD indicator is currently in the bullish zone as the MACD line is trading above the signal line.

Litecoin price analysis 4-hour price chart: Bulls push for higher prices

On the 4-hour Litecoin price analysis chart, we can see that the market has been in a bullish trend since the beginning of the day. For the last 4 hours, the market has been on an uptrend as bulls push for higher prices. The Bearish Engulfing candlestick pattern that formed yesterday has been invalidated as the market moved higher.

image 218
LTC/USD 4-hour price chart. Source: TradingView

The Moving Average indicator in the 4-hour timeframe is currently indicating a bullish trend as the 50-day MA is trading above the 200-day MA. The Relative Strength Index indicator on the 4-hour timeframe is currently trading at 65.44, which indicates that the market will continue its upward move. The MACD indicator on the 4-hour timeframe is currently in the bullish zone as the histogram is trading above the signal line.

Litecoin price analysis conclusion

Litecoin price analysis today shows that the market is in a strong bullish trend as bulls push prices higher. The 1-day and 4-hour charts indicate that the market is in a strong uptrend as bulls target higher prices. The bulls and bears are currently battling for control of the market as the LTC/USD pair trades at $56.17.

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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