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Litecoin price analysis: Positive Streak Poised to Continue as LTC surge 6.56%

Litecoin

TL;DR Breakdown

  • Litecoin price analysis shows a bullish trend
  • LTC/USD is facing resistance at $77.37
  • Support for LTC/USD is present at $70.89

Litecoin price analysis shows rising signs as the market shows massive upside potential. The bulls have regained their control of the Litecoin market, which will change the course of the market for the better, and LTC now expects the bullish period to take over in the next few days. LTC/USD pair has increased reaching above the $76.85 level, the resistance level for LTC/USD is at $77.85 and the support level is at $70.89.The trading volume has increased over the last 24 hours to retrace to $ 862,542,872 and a live market cap of $862,542,872. LTC currently ranks at #13 in the cryptocurrency rankings.

LTC/USD 1-day price chart: Bulls continue to dominate as Litecoin price nears $76.85

On the 1-day Litecoin price analysis chart, we can see that the price for LTC/USD has increased by over 6.56 percent as the bulls look to target the $77.37 resistance level. Litecoin price analysis has experienced an upward movement in the last few days. However, with the volatility increasing. Moreover, as the volatility increases, it makes the value of the cryptocurrency more vulnerable to change. As a result, the upper limit of Bollinger’s band rests at $82.08, serving as the most substantial resistance for LTC. Contrariwise, the lower limit of Bollinger’s band rests at $50.65, serving as the strongest support for LTC.

image 483
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 $73.93, while the 200 SMA is at $66.36 on the 24-hour chart. The Relative Strength Index (RSI) score is increasing at a faster pace and has reached an index of 60.92, which indicates that the market is neither oversold nor overbought.

Litecoin price analysis 4-hour price chart: Market volatility increase with bulls in action

The 4-hour price analysis chart for Litecoin price analysis shows that the cryptocurrency has encountered a bullish strike and has succeeded in breaking above the $77 level. The market’s volatility follows an increasing movement, making the cryptocurrency more susceptible to volatile change on either extreme. As a result, the upper limit of Bollinger’s band rests at $79.49, serving as another support point for LTC and the lower limit of Bollinger’s band is present at $71.32, serving as a support point for LTC.

image 482
LTC/USD 4-hour price chart, Source: TradingView

The Moving average(MA) envelopes have widened, which indicates that the market is currently in a bullish state. The Relative Strength Index (RSI) is currently at 49.53, which indicates the market is on a bullish trend.

Litecoin price analysis conclusion 

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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