The recent Litecoin price analysis indicates a bullish trend for the day as the chances of a further increase in price are there once again. As the price has reached the current higher levels, traders must be expecting new discoveries by LTC. The current trend for LTC is bullish and the price has already crossed the resistance level of $76.59. The strong support at $74.23 may be tested again if the price falls and traders can take advantage of this level as a buying opportunity. Although the price dropped to a comparatively lower level up till now, the recent bullish trend gives hope for a further rise in price.
The LTC/USD has been trading in a range-bound trend amidst volatile market conditions. However, the current bullish trend has increased the chances of LTC rising to $75.94 with a 1.44 percent increase in the last 24 hours. The trading volume has also increased in the last few hours, indicating more traders are making their moves. With a market cap of $5.46 billion, Litecoin is the 7th largest cryptocurrency in the world.
LTC/USD 1-day price chart: Bulls aim for a $76.59 resistance level.
The one-day Litecoin price analysis is confirming an upward price movement for the day, as the bulls have made a comeback on the price chart again after continuous defeat during the previous day. The buyers are maintaining their presence in the market, pushing the price closer to the $76.59 resistance level and aiming for a break above this level. If the bulls manage to breach the resistance level, the next target on the upside would be $77.74.
The MACD indicator is also supporting the bullish sentiment, as it has generated a buy signal on the daily chart. The RSI indicator is hovering around the 54.20 level, indicating that there is still room for further upside movement. The Moving Average is currently at $73.39 and is also supporting the bullish sentiment in the market.
LTC/USD 4-hour price chart: Litecoin signals a bullish trend.
The four-hour Litecoin price analysis confirms that the price action is headed upward as the market has followed a bullish trend for the past few hours. A considerable rise in buying activity has been observed today, as the price increased up to the $75.94 mark.
The moving average convergence divergence (MACD) indicator is also supporting the bullish sentiment, with a buy signal generated on the 4-hour chart. The RSI is currently at 55.36 levels, indicating that there is still room for further upside movement. The moving average (MA) value is trading at a $75.61 level above SMA 50.
Litecoin price analysis conclusion
Litecoin price analysis confirms a sharp recovery in the coin value today. This is quite encouraging news for the buyers, as the price underwent a substantial decline in the past few days. The bulls have taken the price up to a $75.94 high after making a return in the last 24 hours.