TL; DR breakdown
- According to Litecoin price analysis, LTC is bullish today.
- Support for LTC / USD is at $ 178.
- Resistance is found at $ 189.5.
Litecoin price analysis shows that LTC is in bullish shape as the price breakout is now above $ 178, although it fell below it at the start of today’s session. LTC / USD is performing well as the cryptocurrency has been on the uptrend since September 29th and has appreciated significantly in value over the past 11 days. The LTC / USD pair price has re-entered the upper price channel of the past three months.
The broader crypto market is showing bullish sentiment as Ethereum and most of the top altcoins are reporting gains today. But the groundbreaking Bitcoin is in correction mode today; However, the leading Bitcoin is bullish overall, with the price hovering above the psychological $ 50,000 mark, at precisely $ 54,530 at the time of writing.
Litecoin has gained more than eight percent in value in the last 24 hours and has reported an increase in value of more than 23 percent in the past week.
LTC / USD 1-Day Price Chart: LTC bulls are next to face the USD 188.7 resistance
The 1-day price chart for the Litecoin price analysis shows strong bullish momentum. The bulls successfully cleared the initial resistance of $ 181 today and are now running the price function towards their next target of $ 188.7. Today LTC / USD covered a good range of $ 178 to $ 185; The crypto pair is trading the later number at the time of writing.
LTC / USD 1-day price chart. Source: Tradingvew
Volatility is picking up again for the LTC / USD pair as the Bollinger Bands deviate again from yesterday; As can be seen on the 1-day chart, the upper band is at $ 187 and the lower band is at $ 135. Since the price is near the upper band, the indicator shows further price fluctuations that can be observed in the coming period.
The relative strength index (RSI) shoots up, as can be seen from the upward slope of the indicator. RSI is currently trading at the 60 index, indicating increased buying activity by LTC in the market; however, the indicator itself is in the neutral zone.
The MACD oscillator indicator gives a strong bullish signal and supports the buy side of the market. As can be seen, the histogram is dark green and the bars are elongating upwards, indicating that the uptrend is in full swing.
The Litecoin Price Analysis: Latest Developments And Other Technical Notes
The 4 hour Litecoin price analysis chart shows that the bulls have successfully taken over the bearish attempts at the start of today’s session and covered a good range. Bulls dominate the price function of the LTC / USD pair as they have caught up early morning bearish loss and pushed the price further up, aggressively marking their presence.
LTC / USD 4-hour price chart. Source: Tradingvew
Volatility is high on an hourly basis, as evidenced by the tremendous expansion of the Bollinger Bands that began yesterday and is still ongoing. The RSI is currently showing flat movement on the 4-hour chart, indicating some competition between both sides of the market. However, the indicator for the 64 index is close to the overbought limit.
The short and medium term moving averages (MA) and exponential moving averages (EMA) support the bullish side as they indicate the buy signals for LTC assets. At the same time, the oscillator’s technical indicators are mostly neutral but show some support for the bullish side, with the momentum oscillator also helping asset buying.
Litecoin price analysis: conclusion
Litecoin price analysis and technical advisories strongly support the ongoing bullish momentum. The LTC / USD pair price is expected to rise in the coming hours. The next resistance level of USD 189.5 is quite steep, but LTC’s bullish outlook is decidedly aggressive and LTC / USD could also beat this crucial resistance in the next 24 hours.
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