Litecoin price analysis: LTC breaks above $92.68 as bullish sentiment grows

Litecoin price analysis shows an uptrend in today’s trading session as the digital asset breaks above $92.68. LTC/USD has been in a strong uptrend and is being supported by healthy buying pressure at the key level of $90.03. However, the price breakout was downwards at the start of the trading session, but now the price function has been covering the range upwards during the last few hours, and further recovery is also possible.

On the contrary, the resistance for LTC/USD is present at $93.22, where selling pressure might be observed once again. Analysis suggests that the digital asset is on track to further expand its gains as the market sentiment remains bullish. Furthermore, a break above $93.22 would open up a potential rally toward $95 and higher in the near term.

Litecoin price analysis daily chart: LTC continues recovering after a short correction

The one-day Litecoin price analysis shows that the price has increased further during the last 24 hours after taking a small dip at the start of the trading session. Although the trends have been in favor of bulls for the past few days,  the short correction saw LTC/USD losing some ground for a brief period.  However, now the trend has reversed, and LTC is back on track to extend its gains further as buyers keep pushing for a rally above $93.22.

The moving average (MA) is trading abelow the price level at $91.77 in the one-day price chart. The volatility has been increasing; hence it can be expected that a further uptrend might follow. The Bollinger Bands Indicator shows the following readings for the day; the upper value is $94.89 and the lower value is $87.82, which means that the bullish sentiment remains strong and will likely push LTC price towards the upside. The RSI  indicator is currently at 55.60, which signals that the price might rise further in the near future.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour Litecoin price analysis suggests a dip in price levels was observed in the first four hours of the trading session when the price decreased to the $90.03 level as a correction took place at the end of the previous trading session, which continued into the first four hours of today’s trading session. But bulls returned and took control; as the coin started to get the positive market sentiment, the price levels turned green and are still on the increasing side. After the recovery made during the last few hours, the price has reached $93.22 and seems to be increasing further over the coming hours.

The moving average indicator is showing a value of $91.06 mark below the price level, but a crossing above SMA 50 is expected in the coming hours, hinting at the bullish impulse. The Bollinger bands Indicator reading is also in favor of the bulls; it is currently trading at $ 92.40 and $89.07 for the upper band and lower band, respectively. The relative strength index (RSI) is currently showing a bullish outcome with a value of 60.91, which usually indicates that further increases in price are likely over the next few hours.

Litecoin price analysis conclusion

In conclusion, Litecoin price analysis suggests that LTC/USD is expected to maintain its current uptrend as buying pressure keeps pushing the coin higher and further gains are likely in the near term. The price has already broken above $92.68 and is now aiming for a break above the resistance at $93.22, which could open up a potential rally above the $95 mark in the coming days.