logo

Litecoin price analysis: LTC/USD attains massive bullish momentum at $51.81

Litecoin price analysis

Litecoin price analysis shows that the LTC/USD pair is currently in a bullish trend. The pair has formed higher highs and higher lows, indicating that the bulls control the market. The price is now facing resistance at the $51.83 level. If the bulls can break this resistance, they will likely target the $52.00 resistance level. while support for the pair is at $49.97, which is the previous low, a break below this level could signal a bearish trend reversal.

The LTC/USD pair is currently trading at a critical junction and a break of either the $51.83 resistance or the 49.97 support could signal a trend reversal. The digital asset is up by 1.85 percent over the past 24-hour period and is currently trading at $51.81.

Litecoin price analysis on a 4-hour price chart: Upside momentum gathers pace

Looking at the hourly chart for Litecoin price analysis, we can see that the price has formed an ascending triangle pattern. This is a bullish pattern that forms when the price is trading between two horizontal resistance and support levels. The ascending triangle patterns are considered to be bullish patterns as they indicate that the bulls are in control of the market.

image 314
LTC/USD 4-hour price chart, Source: TradingView

The 50-day exponential moving average (EMA) is currently providing support for the price. The 10-day exponential moving average (EMA) has crossed above the 50-day EMA, indicating that the bulls are in control of the market momentum. The Relative Strength Index (RSI) is currently at 49.55, which indicates that the market is in a bullish zone. The bulls are in control of the market as the MACDline is currently above the signal line.

LTC/USD 24-hour price chart: Litecoin price is facing rejection at $51.83

The Daily Litecoin price analysis shows that the price has been trading between the $49.97 support and the $51.83 resistance for the past few hours. The bears have been trying to push the price below the $49.97 support, but they have been unsuccessful so far. The bulls need to break the $51.83 resistance to resume the uptrend and target the $52.00 level.

image 315
LTC/USD 1-day price chart, Source: TradingView

On the 24-hour chart, we can see that the Moving average convergence divergence (MACD) is bullish, as the MACD line is currently above the signal line. The Relative Strength Index (RSI) is currently below 43.61, which indicates that the bearish might market appears in the near term. The 50 EMA and 10 EMA are both currently providing support for the price.

Litecoin price analysis conclusion

In conclusion, Litecoin price analysis shows that the bulls are in control of the market as they have been able to push the price higher after each dip. The investors need to wait for the price to break the $51.83 resistance before entering a long position. The stop loss should be placed below the $5.77 support. The overall technical indicators are currently signaling a bullish trend.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

Related News

Hot Stories

Cardano price analysis: ADA/USD price has recovered to $0.3171 after gaining bullish support
Best crypto memes of the day - December 2nd
Orbeon Protocol (ORBN) Set to rise by 6000% in presale: Is it a better investment than Bitcoin (BTC) in 2023?
Best Twitter threads of the day - December 2nd
Top crypto tweets of the day - December 2nd

Follow Us

Industry News

'I think he's telling the truth,’ Kevin O'Leary on SBF
Blockchain games are doing great despite the failure of FTX
Reserve Bank of India’s crypto alternative is here: How can one use the e-Rupi?
Russian bank infuses metamask into its blockchain
OpenSea ends 2022 with major partnerships and $1B in NFT royalties

Add Your Heading Text Here