TL; DR breakdown
- LTC continued to rise today with a price increase of 5 percent
- The bullish run has driven resistance to $ 169
- Short to medium trend that appears to be slightly bearish, with some retracement expected
Litecoin price analysis for the day shows further gains for the token, surpassing the previous resistance point of $ 166. LTC was up nearly 5 percent in intraday trading and was trading at $ 167.01 at the time of writing. Trading volume also rose around 18 percent, confirming the ongoing bullish outlook for the coin. The recent rally has pushed resistance to $ 169 for the time being, with the token expected to spin around the monthly high of $ 168.38. The near-term signs are looking slightly bearish for LTC, suggesting that a correction may be in sight soon.
The larger cryptocurrency market has shown massively positive returns in the past 24 hours, led by Bitcoin rising over 6 percent to just under $ 48,000. Ethereum was also up 6 percent and consolidated at $ 3,300. Altcoins were also showing positive returns, with Dogecoin also increasing 6 percent and trading at $ 0.21. Ripple crossed the $ 1 psychological barrier with a 2 percent increase and Solana rose nearly 7 percent to $ 157.94.
Litecoin Price Analysis: Cryptocurrency Heatmap. Source: Coin360
LTC / USD 24 Hour Chart: Bullish patterns mean daily trading
In the past 24 hours, Litecoin has been able to get stronger and stronger. The price rose from $ 140.01 on September 29 to a high of $ 168.92, an increase of over 20 percent. The Relative Strength Index (RSI) has a healthy score of 52, showing a trader interest in LTC that is far from overvalued. In the past 24 hours, the price has also moved above the 20- and 50-day Exponential Moving Average (EMA) and continues to rise. The Moving Average Convergence Divergence (MACD) line is just above the neutral zone, confirming a solid position for the token. For the next 24 hours, LTC buyers will attempt to consolidate the price around the resistance at $ 169.
Litecoin price analysis: 24-hour chart. Source: trade view
LTC / USD 4-hour chart: price clears EMAs, RSI presents bearish outlook
The 4-hour Litecoin Price Analysis chart shows how the price is drifting away from the 20- and 50-day EMAs. As the price continues to test the resistance at $ 169, the RSI reading at 76.75 suggests a significant overvaluation by LTC. It could mean that the coin will be retested in the short term. That being said, the MACD line has moved significantly from neutral zero in the short term, suggesting that bullish momentum will continue.
Litecoin price analysis: 4-hour chart. Source: trade view
Litecoin price analysis: conclusion
As the price continues to rise, LTC becomes more and more vulnerable to sellers who come into the market to change the trend. Currently, the price continues to test resistance at $ 169 after moving above the major EMAs. The Litecoin price is up over 20 percent in the last 3 days and the RSI value in the short term suggests that the token is overvalued. In the next few sessions, traders are expected to sit on the fence before starting the next trend, which is expected to be a retest.
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