The most recent Litecoin price analysis suggests a strong bullish trend for today, as the coin has raced higher after crashing down at the start of the trading session. A considerable rise in coin value was detected throughout the day, and the bullish momentum has placed LTC as one of the early recoverers from today’s market crash. The market crashed at night, but the price has leveled to $53.144 due to the recent bullish shift.
Although the bears were overpowering the market earlier, currently, the situation is going in favor of the buyers. Further intensification in the ongoing bullish wave is expected if the buying momentum gets stronger. The coin’s market capitalization stands at $3,818,863,032 and has a 24-hour trading volume of $248,334,316. The coin is trading just below the $53.49 resistance, a critical level to watch out for.
LTC/USD 1-day price analysis: Bullish momentum recovers price up to $53.44
The one-day Litecoin price analysis confirms a strong bullish trend for the day. The bulls have controlled the market throughout the day as the price has broken above the $53.49 resistance in the past few hours. More profit seems to be on its way for Litecoin buyers as the price just reached the $53.44 high, gaining more than 0.27 percent value. Further chances of revival seem close as the buyers persistently put in efforts.
The Bollinger bands are converging sharply, showing a decrease in volatility; the upper Bollinger band shows a $53.49 value, whereas the lower Bollinger band displays a $52.57 value. The Bollinger Bands average is standing at the $53.43 mark at present. Lastly, The Relative Strength Index indicator is close to the overbought levels, suggesting that the prices could correct lower in the short term. However, the bulls are likely to remain in control as long as the prices are trading above the $52.57 support level. The daily price chart’s moving average (MA) value is $53.52.
Litecoin price analysis on a 4-hour price chart: LTC/USD set to break out higher
The 4-hour Litecoin price analysis is in favor of the bulls as well, as the coin, after dipping down to $52.00 levels, has rallied toward $53.44. All the recovery has been made during the last ten hours as the bulls have made a successful return and have helped LTC be the highest gainer among the top 100 cryptocurrencies. This is rather encouraging news for the buyers, as the bears were progressing swiftly in the earlier hours.
The Moving Average value, as present in the four-hour price chart, it is standing at $53.19. The Bollinger bands are expanded on the 4-hour chart. The upper value of the Bollinger bands indicator settles at $54.50, whereas its lower value is set at $52.33. The RSI score has also come quite high because of the bullish wave and is present at index 42.08 due to the strong buying momentum, but now the curve is settling horizontally, hinting at a slowdown in the buying activity.
Litecoin price analysis conclusion
The given one-day and four-hour Litecoin price analysis indicates that the Cryptocurrency is likely to continue its uptrend as the market sentiment turns bullish. Investors are looking at the $53.49 resistance level to enter into new positions. From the technical analysis of LTC/USD, it is evident that the prices are in a bullish trend, and a breakout above $53.49 could see it target the $54 resistance level in the near term.
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