TL; DR breakdown
- Litecoin price analysis shows bullish momentum.
- The price rallied well above $ 153 today.
- LTC sees the next strong resistance at $ 164.
Litecoin price analysis shows bullish momentum. LTC / USD price improved significantly today as it rose from $ 153 and is trading at $ 159 at the time of writing. The LTC cops successfully maintain their lead and continue their efforts for the third day in a row.
In the days leading up to the current upward momentum, heavy losses were observed for the cryptocurrency due to the downtrend as the price fell from $ 164 to $ 140, but the bulls almost covered a wide range by recapturing the losses. The LTC / USD has gained more than six percent in value in the past 24 hours, and if we look at the price function over the past seven days, we see an increase in value of more than four percent.
The general sentiment in the cryptocurrency market is bullish today, with Bitcoin gaining 4.4 percent in value as the BTC price is $ 44,975 and Ethereum is posting 5.4 percent gain with a price of $ 3,132. VeChain tops the charts with more than 20 percent profit, and most of the top coins are also reporting significant gains in the past 24 hours.
LTC / USD 1-day price chart: Bulls do not see any chance for the uptrend
The 1-day price chart for the Litecoin price analysis shows that bulls are continuously driving the price up. Yesterday LTC price rose above the moving average and today it is climbing towards the center line of the Bollinger Bands, albeit still in the lower price range compared to the beginning of last month, but recent upward momentum has good support for sustaining it des the cheap value of the coin.
LTC / USD 1-day price chart. Source: trade view
The volatility is persistent as the Bollinger Bands show no noticeable movement of the upper or lower band as both are present at the $ 195 and $ 132 mark, respectively, with the median average of both bands at the $ 164 mark above the forms price level, the noticeable thing is that the $ 164 is also the decisive resistance level. Although the indicator is still showing considerable headroom for the price function to move up.
The relative strength index (RSI) is in the center of the neutral zone at 47, as the RSI has been rising again since September 17th since September 28th. The RSI is currently near the center but is still in the lower half of the neutral zone due to a fall in trading volume, which is down five percent today.
While the MACD is still declining as the color of the histogram is still bright red, the bars are getting smaller over time. As we know, the MACD is a trailing indicator based on historical data, but it still indicates a bearish downtrend.
Litecoin price analysis: 4-hour charts and current developments
The 4 hour Litecoin price analysis price chart further reinforces bullish momentum as continuous green candles appear on the hourly charts indicating bullish progress as the bulls drive the price up and above the Bollinger cap – Shoot out tapes.
LTC / USD 4-hour price chart. Source: Tradingview
Volatility is increasing as seen on the 4 hour chart; the Bollinger Bands show their ends widening, with the top end being $ 158 below the price level and the bottom end being $ 138, averaging $ 148. The indicator shows some chances of a correction in the coming hours. The relative strength index (RSI) has been hovering near the overbought line in the current hours and is at the 66 index.
Litecoin price analysis: conclusion
Litecoin price analysis suggests that due to the upward movement since the start of today’s session, a correction could begin in the coming hours. The traders may want to book profits, which affects the price function, but for a short period of time as the short-term signs all speak for the bullish side. We expect LTC / USD to rise again after a small correction, but the USD 164 resistance may not be retested today.
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