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Litecoin price analysis: Bullish spell drives LTC price to $51.28

Litecoin price analysis

Litecoin price analysis is bullish, with the LTC/USD pair rising to the $51.28 level. The price action recently created a bullish engulfing candlestick pattern, which indicates that the bears are losing control. Currently, the price is just below the channel’s upper boundary at $52.48. A breakout above this level could see Litecoin target the next resistance level at $52.85 level. On the other hand, a failure to move past $52.48 may see the price pull back to test support at the $50.68 mark.

The trading volume has increased over the last 24 hours to retrace to $379,021,685; therefore, the bulls need to be careful as a bearish move could invalidate the bullish trend, the Litecoin price is currently in a breakout zone, and a move in either direction could set the tone for the next move. The market cap for the Litecoin price is currently at $3,660,578,748.

LTC/USD 4-hour price chart: Bulls continue to dominate as Litecoin price nears $51.28

The 4-hour price chart for Litecoin price analysis shows that the cryptocurrency has encountered a bullish strike and has succeeded in breaking above the $51.00 level. This move has seen the LTC/USD pair target the $51.28 level, which is the current trading mark at this time of writing. The RSI indicator is currently at the 60.00 level, which indicates that the market is neither overbought nor oversold. A move to the overbought region could see Litecoin target the $40.40 resistance, while a move to the oversold region may see support being tested at $50.68.

image 195
LTC/USD 4-hour price chart. Source: TradingView

The 50 SMA is currently providing support for the LTC/USD pair as it is located below the current trading price. However, the 200 SMA is slowly catching up, and a crossover between these two moving averages could see Litecoin target higher prices. The Moving average(MA) envelopes have widened, which indicates that the market is currently in a bullish state.

Litecoin price analysis on a 1-day price chart: LTC gains over 1.01 percent overday

On the 1-day Litecoin price analysis chart, we can see that the price for LTC/USD has increased by over 1.01 percent as the bulls look to target the $52.48 resistance level. The bulls have been able to break past the barrier created by the descending triangle pattern. The bears might try to pull the prices back down to the $50.68 support level, but the bulls are showing strong signs of control.

image 196
LTC/USD 1-day price chart. Source: TradingView

The Moving average indicator is currently in the bullish zone, as the 50 SMA is located above the 200 SMA. The 50 SMA is currently at $52.65, while the 200 SMA is at $51.26 on the 24-hour chart. The Moving average is at the $51.30 level, and a move past this level could see Litecoin target the next level. The Relative Strength Index (RSI) score is increasing at a faster pace and has reached an index of 45.25, which indicates that the market is currently in a bullish state.

Litecoin price analysis conclusion

From the above analysis, it can be concluded that Litecoin prices have a slight bullish bias. The digital asset is currently trading at a key junction, and a breakout from either side of the range could set the tone for the next move. Both the hourly and the daily technical indicator are currently in a bullish state, and they are indicating that the bulls have the upper hand in the market.

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.
Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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