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Litecoin price analysis: LTC/USD trade in a sideways direction with a slight bullish bias

Litecoin price analysis

Recent Litecoin price analysis shows that the coin has been on a bullish run, with the price rising from $52.78 to its current value of $54.84. This is a good sign for the bulls, as it shows that they are in control of the market. The next resistance for LTC/USD is seen at $54.93; if the price can break above this level, it is likely to rise to $55.00 resistance. On the other hand, if the price fails to break above $54.93, it is likely to fall to $52.78 support.

The Digital asset has gained over 3.81% in the last 24 hours and is currently trading above the $54 level. The coin has a market capitalization of $3.90 billion and is ranked 20th on CoinMarketCap.The 24-hour trading volume of the cryptocurrency is $365 million.

Litecoin price action on a 1-day price chart: LTC/USD forms a bullish engulfing pattern

The 1-day price chart for Litecoin price analysis is going in favor of the bulls once again, as they have regained their momentum after facing loss. The price value has gone through some improvement since yesterday this is really encouraging for the buyers who intend to control the market and enhance the cryptocurrency value even further.

image 41
Source: TradingView

Meanwhile, if we talk about the moving average value in the 1-day chart, it is found to be resting at the $53.34 level for the LTC/USD pair. The RSI indicator is moving in an upward direction, and it has reached the 56.49 level. The Bollinger bands have started to widen, which indicates that the market volatility is increasing, and we can see some good price action in the days ahead.

Litecoin price analysis 4-hour price chart: LTC/USD retraces from highs as bulls take a breather

Litecoin price analysis on the 4-hour chart has shown that the coin has retraced its highs as the bulls take a breather. The last few hours have been volatile for the coin, as it has seen a lot of ups and downs. Currently, the price is trading around the $54.84 level, and it looks like the bulls are preparing for another push higher.

image 40
Source: TradingView

The upper Bollinger bands are currently at $54.93, and the lower Bollinger bands are at $52.73. The bullish momentum may intensify in the upcoming hours if the buyers put in more effort. The moving average (MA) is also at a lower height as compared to the current price and is present at $54.02. The RSI score has increased as well because of the ongoing bullish trend and has gone up to an index of 52.72, just below the centerline of the neutral zone.

Litecoin price analysis conclusion

Litecoin price analysis shows that LTC is currently in a strong uptrend as the bulls take control of the market. The technical indicators are all indicating a bullish trend, and we can expect the prices to head towards the $55 level in the near future.

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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