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Litecoin price analysis: Bullish momentum retrieves LTC price back to $51.99

Litecoin price analysis

Litecoin price analysis shows rising signs as the market shows massive upside risks. The market for LTC price was worse from yesterday’s open as the price dipped to lows of $50.47. The bulls have, however, managed to make a quick recovery and push the prices back up to highs of $51.99. The market is currently correcting lower after being rejected at $53.13.

Today’s bulls have been very strong, and a lot of buying pressure has been seen in the market. The LTC/USD pair is likely to continue moving higher as long as the support at $50.47 holds. A move below this level could see prices dip to $49.37. On the other hand, if the bulls can push prices above $53.13, we could see an extended move towards $54.50. Above this level, further resistance is found at $55.85.

LTC/USD 1-day price chart: Bullish momentum recovers price up to $51.99

The 1-day Litecoin price analysis is displaying encouraging signs for the buyers and motivating them to further add to the asset value. Despite the previous day experiencing a downfall in price levels, the latest trends have proved positive for cryptocurrency. LTC price has reached $51.99 at the time of writing, gaining 2.66 percent value during the last 24 hours.

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LTC/USD 1-day price chart. Source: Trading View

The LTC/USD price travels over the Moving Average curve, indicating the market is following a bullish movement. However, as the market experiences high volatility today, the Litecoin price has significantly more room to move towards either extreme. In addition, the LTC/USD price seems to move upwards, signifying an increasing market with further increasing dynamics.

The Litecoin price reveals that the Relative Strength Index (RSI) score is 49.53, making the cryptocurrency enter the overvalued region. Furthermore, the RSI score moves upwards, indicating that buying activity is dominant while moving towards inflation. The Bollinger bands diverge, suggesting that increased market volatility is currently experienced.

Litecoin price analysis on a 4-hour price chart: Recent updates

The 4-hour Litecoin price analysis is observing a market that is slowly recovering from the previous day’s low of $50.47. The last 4-hour session has been marked by a few small corrective candles as the market attempted to move higher. Moreover, the market’s volatility follows an increasing movement, resulting in the cryptocurrency being more prone to volatile change on either extreme. As a result, the upper limit of Bollinger’s band rests at $53.13, serving as the strongest resistance for LTC. Conversely, the lower limit of Bollinger’s band is present at $50.47, serving as a support point for LTC.

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LTC/USD 4-hour price chart. Source: Trading View

The LTC/USD price appears to be crossing over the Moving Average curve, displaying bullish momentum. However, the support and resistance are opening in, indicating increasing volatility with massive room for further activity on either extreme. Hence, the price moves upwards towards increasing characteristics, but only after breaking the support band. The Relative Strength Index (RSI) score appears to be 34.53, making Litecoin enter the neutral region. The RSI indicator moves sideways, suggesting that the market is indecisive while neither buyers nor sellers have the upper hand.

Litecoin price analysis conclusion

Litecoin price analysis conclusion reveals the cryptocurrency’s value to be increasing. The LTC/USD might soon enter a downright bullish dominion, increasing the price of Litecoin as they go. The bulls are expected to maintain their control; as the market moves towards stability, the bulls gain a substantial chance to maintain the market and raise the value of Litecoin.

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.
Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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