Litecoin price analysis: LTC coin shows a positive momentum at $95.73 after a bullish breakout

Litecoin price analysis

TL;DR Breakdown

  • Litecoin price analysis shows a positive market sentiment
  • LTC/USD trades in a bullish bias above $95.00
  • Resistance and support levels are seen at $97.73 and $93.05 respectively

image 8
Cryptocurrencies price heat map, Source: Coin 360

The market for Litecoin price analysis is in a positive momentum as the digital asset moved above $95.00 during today’s session. The LTC/USD pair is trading at the $95.73 level which is a good sign for the bulls. The downtrend sentiment was seen a few hours ago as the price went down to $93.05 but the bulls managed to take control of the market and propelled the price higher.

Litecoin price analysis one day-chart: LTC/USD is facing resistance at the $97.73 level

The Litecoin price analysis one-day chart is showing a clearly bullish bias as there are higher highs and higher lows in place. The coin is currently trading in a supply zone between the $97.73 and $93.05 levels. The price has been able to break the resistance at $97.73 but is facing steep selling pressure from the sellers above this level. At the time of writing, the LTC/USD pair is trading at $95.73 and has gained over 1.22% in the last 24 hours.

image 6
LTC/USD 1-day price chart. Source: trading view

After rebounding from the lower band of the Bollinger band indicator, the price of the LTC coin is currently trading at the upper band of the indicator. In the daily time period, the price of the LTC currency has broken out above its 14 SMA and 50 MA. It is sitting at these Moving averages at the moment. The moving averages (MA) 50, 100, and 200 are in a positive alignment which is also a good sign that suggests a further upside move in the near term. The Relative Strength Index (RSI) is currently trading at 63.45 and it has its sight set on a break above 70 which could propel the prices toward new highs.

Litecoin price analysis 4-hour chart: Bullish aims for $97.73 level

The 4-hour Litecoin price analysis on the LTC/USD pair shows that the coin is trading in a bullish bias and it has broken out of its short-term symmetrical triangle. The buying pressure is coming in from the $93.05 support level and pushing the coin higher toward the $97.73 resistance level. The moving average is currently at $95.14, just below the current price level.

image 7
LTC/USD 4-hour price chart. Source: trading view

The technical indicators on the chart are also signaling a bullish bias. The Bollinger bands are widening which suggests increasing volatility. The upper Bollinger band is seen at the $97.91 level which could be a significant hurdle for the bulls to break in order to continue pushing the price higher, while the lower Bollinger band is seen at the $90.93 level which is likely to provide support in case of a sell-off. The RSI is currently at 56.36 and it is pointing to the north which shows that the bulls have the upper hand in the market.

Litecoin price analysis conclusion

From the above, Litecoin price analysis shows that the digital asset is currently trading in a bullish bias and has broken out of its short-term symmetrical triangle. The bulls are looking to break the $97.73 resistance level, while the $93.05 support level will likely provide some much-needed support in case of a sell-off.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

Related News

Hot Stories

How to Choose Bitcoin Carefully for Massive Gains For Investing in 2023
Belgium's financial regulator announces new rules for crypto ads
Ethereum price analysis: ETH breaks down to $1,753 after the bearish strike
Avalanche price analysis: AVAX/USD price slip below $18.00 after bears strike
ChainLink price analysis: LINK obtains bullish momentum at $7.2

Follow Us

Industry News

Belgium's financial regulator announces new rules for crypto ads
Crypto.com gets MVP preparatory license from Dubai regulatory authority
AI-based project reported to have stolen nearly $1m from users
UBS sees shares plummeting after Credit Suisse bailout
More than 80 crypto companies have expressed interest in Hong Kong, Financial Secretary reveals

Add Your Heading Text Here