Litecoin price analysis: LTC gains tremendous value at $ 56.04

Litecoin price analysis

Litecoin price analysis shows the bullish influence. LTC/USD has been maintaining its price levels for the past few days, as the support at $55.26 has played its part in supporting the price function. However, LTC already underwent extreme devaluation during the last two hours as the more significant trend was bearish. Today the uptrend has been initiated again as the bulls have taken control over the price function. It can be expected that the LTC will continue to recover value today.

Litecoin price 1-day price chart: Bulls leading the market

The 1-day price chart for Litecoin price analysis shows the price has increased slightly today, and Overall, LTC has been struggling to maintain the price level. The coin is trading hands at $56.04 at the time of writing today. The LTC/USD traded in a narrow range of $55.26 to $57.39 today. The crypto pair still reports a gain of 0.33 percent over the last 24 hours. The trading volume for the coin has also spiked to $680,054,570, and a market cap of $680,054,570.

image 416
LTC/USD 24-hour price chart, Source: TradingView

The volatility is high for LTC, but the Bollinger bands show convergence now, which is not a good sign for the coming day. The upper limit of the Bollinger bands at $57.06, the lower limit at $54.84, and the mean average at $55.34. The relative strength index (RSI) shows a very small upwards curve and has slightly increased to an index of 51.75. The RSI is still present in the lower neutral range, which shows the bearish pressure on the coin price function. The moving average (MA) is present just above the price level at the $54.84 mark.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour Litecoin price analysis shows the price breakout was upward at the start of today’s session, and bulls elevated the price levels to an extent during the first four hours. Thereon some bearish obstruction has also been seen, as bearish pressure is bent on ruling out the bullish activity, and the price is decreasing again.

image 417
LTC/USD 4-hour price chart, Source: TradingView

The volatility on the 4-hour chart is low as the upper Bollinger band is present at $57.35 and the lower band is at the $53.80 mark, and the mean average of the Bollinger bands is forming at the $55.58 mark. The MA is present at the $56.24 mark, and the RSI is also going slightly downwards at index 56.35, hinting at the selling pressure in the market.

Litecoin price analysis conclusion

The Litecoin price analysis shows the coin is under bearish pressure, though recently, some bullish efforts have emerged, bulls have already marked an uptrend at the very start of the trading session, but bulls don’t seem to have the strength to elevate price levels further up. As most of the mid-term and the short-term indications are favoring the bears, However, we expect LTC to continue upside for today if the market sentiment remains positive.

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.

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