The Litecoin price analysis shows LTC market has experienced some buying activity as prices have bounced off from yesterday’s price of $94.0 and pushed upwards to above $98.0, on the back of increased buying pressure from investors. The LTC/USD pair is now trading at $97.69 and continues to remain bullish in a short-term trend with massive upside potential over time. The 20-day moving average (MA) line has also turned positive after a month of decline and is currently at $96.7, indicating that the bulls are in control of the market.
The LTC/USD pair support remains strong at $94, while resistance is $97.93. Litecoin has managed to close within the range of this trading day. Having traded bullish for the past 24 hours, Litecoin has gained nearly 3.8%. Selling pressure has been easing off significantly, and buying pressure is growing stronger for LTC/USD pairs as their price reaches $97.76. If bulls can push past this resistance level, it could open up more room for further gains in the near future.
Litecoin price analysis 1-day chart: LTC staggers near $100 key resistance
The Litecoin price analysis 1-day chart suggests that the LTC/USD pair is trading within a descending triangle pattern. The trendline, drawn from the highs of February 18 and February 20, is currently acting as the resistance for this period. The support line, drawn from the lows of February 17 and March 3, is also providing good support for the pair.
The Relative Strength Index (RSI) is currently moving around the overbought region at 69.6 points. The MACD indicator has just crossed into positive territory with its signal line above the histogram, which suggests that the buyers are in control of the market. If the bulls can maintain their momentum, Litecoin price could soon breach the crucial $100 resistance level and continue its upward trajectory.
The MACD indicator shows signs of strength, indicating that further gains could be in store for Litecoin’s price. The SMA20 line is trending above the SMA50 line, which suggests a bullish trend. The price is facing stiff resistance near the Fibonacci level of 50.0%, which can be seen near the $100 mark. If LTC manages to break this level, it could lead to further gains in the coming days and weeks.
Litecoin price analysis 4-hour chart: Bullish divergence sets the stage for a breakout
The Litecoin price analysis 4-hour chart shows that the LTC/USD pair is currently trading above the $96.0 level, which is acting as a strong support. However, the bulls are facing stiff resistance near the $98.0 and $100.0 levels. The 20-day moving average (MA) line is trending above the 50-day MA line, indicating that the buyers are in control of this market.
The MACD indicator has recently crossed into positive territory with its signal line above the histogram, which suggests that buying pressure is increasing. The RSI indicator is moving up from the oversold region and currently stands at 59.6 points, indicating that the bulls are in control of the market.
The Litecoin price analysis is bullish today as the bulls seem to be in full control of this market. The MACD and RSI indicators suggest a strong buying momentum, and if the bulls can push past the $100 resistance level, then LTC/USD could surge higher in the near future. For now, traders could position themselves near the Fibonacci level retracement of 38.2% at $97.5 as a good entry point for long positions.
Litecoin price analysis conclusion
Overall, the Litecoin price analysis shows a strong bullish trend with potential for further gains if bulls break past the $97.76 resistance level. Having gained nearly 3.8% in the past 24 hours, it is clear that buying pressure is strong and growing stronger as the price shows signs of breaking higher. The immediate resistance levels to keep an eye on are $96.0 and Fibonacci level retracement of 38.2% at $97.9 for long positions, while the resistance levels to keep an eye on are $98.0 and $100.0 for short positions.
