Litecoin price analysis: LTC price rises to a new high of $99.04 as bullish momentum develops

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TL;DR Breakdown

  • LTC/USD is facing a bullish trend
  • LTC price facing the resistance of $100.13
  • Support for Litecoin is at $95.57

Litecoin price analysis shows that the LTC price is facing a bullish trend today as the crypto asset is trading above $99.04. The Litecoin price has been on a steady uptrend since the beginning of today, when it was trading at around $97.67, with the recent surge taking it to a high of $99.04. The price is expected to keep increasing in the coming days as the cryptocurrency enjoys strong support from investors and traders. Resistance for the LTC/USD pair is currently seen near the $100.13 level, and if the price breaks above this level, it could reach a new all-time high. The 24-hour trading volume for the LTC/USD pair retraced to $617 million, and the market capitalization is currently at $7.12 billion.

LTC/USD 4-hour price chart: Latest development

The 4-hour Litecoin price analysis shows LTC prices have been trading along an ascending support line. The LTC/USD pair prices are testing the ascending support line for the second time, and a breakout is expected. The upper limit of Bollinger’s band is present at $100.5598, which serves as a resistance point for LTC. Conversely, the lower limit of Bollinger’s band is currently at $95.2170, which serves as another support point for LTC.

image 117
LTC/USD 4-hour price chart, Source: TradingView

The technical on the 4-hour price chart shows that the price is still on a bullish trend as they are trading above $99.04. The MACD indicator is in the bullish zone as the MACD line is above the signal line, and the relative strength index (RSI) indicator is also in the overbought region, which indicates that the bulls are in control of the market. However, the RSI path can be seen following an upward movement indicating that the cryptocurrency is experiencing increasing value.

Litecoin price analysis 1-day chart: LTC price trades above $99.04

A 1-day Litecoin price analysis shows that the LTC price has surged up to $99.04 and is currently facing strong resistance at this level. The market can move further up if the bulls can break above this resistance area. The following major resistance levels are at $100.13, and support levels are at $95.57.

image 116
LTC/USD 1-day price chart, Source: TradingView

Moreover, the moving average convergence and divergence (MACD) line is still above the signal line, which indicates that the current trend is bullish. Therefore, the market volatility for the Litecoin token is likely to remain high, and the price is expected to continue its upward trend in the next few days. The upper Bollinger bands are currently at $102.3253, and the lower ones are trading at $82.8617. The relative strength index (RSI) is currently at 63.94, which indicates that the bulls are in control of the market.

Litecoin price analysis conclusion

In conclusion, Litecoin price analysis suggests that the market is in a bullish trend and is expected to remain so in the near term. 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 indicators are currently in a bullish state, and they indicate 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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