Litecoin price analysis: LTC/USD sets a strong bullish trend as it touches $63.16 highs

Litecoin price analysis for today shows a strong bullish trend set that has seen LTS/USD prices trading at $63.16, an increase of 3.18 percent from its previous prices. The market had been trading in a sideways channel for the past few days, but yesterday’s close above $61.20 resistance opened the door for a move towards $64.45, which is where prices are currently facing rejection.

Litecoin price analysis shows the coin has been hovering around a range of $61.20-$64.45 for the past 24 hours with a trading volume of $590 million and a market cap of$4.49 billion which is however significantly low despite the increasing prices. Litecoin prices have sought firm support at the $61.20 price level and are currently bouncing back from it. The bulls will be looking to take the prices above the $64.45 resistance for a continuation of the bullish trend.

Litecoin price action on a 1-day price chart: LTC/USD prices continue to surge past $63.16

On the 1-day price chart for Litecoin price analysis, the bulls have established a strong presence in the market as the prices surged past the $63 level. The LTC/USD pair has started a week on a strong note as it surged by 3.18 percent. The last week’s close was at $61.20 and the current week’s high is at $64.45, which is where prices are currently facing rejection.

image 138
LTC/USD 1-day price chart, Source: TradingView

The upper Bollinger band is present at $64.45 representing the strongest resistance for LTC, while its lower band is at $61.20 representing the strongest support for LTC. The Relative Strength Index (RSI) is trading on a horizontal curve with a slightly downwards slope because of the recent bearish activity and is present at index 52 in the lower half of the neutral zone. The Moving average is placed in the middle of the candlesticks at $62.83 and is trending upwards which is a sign of the bullish momentum in the market.

Litecoin price action on a 4-hour chart: Latest updates

The 4-hour Litecoin price analysis shows that the price made higher highs and higher lows, which is a bullish trend. The cryptocurrency has now broken out of the descending channel that it was trading in since last week. The breakout is a positive development and indicates that the bulls are in control of the market.

image 137
LTC/USD 4-hour price chart, Source: TradingView

On the 4-hour price chart, the Bollinger bands have expanded indicating increased market volatility. The upper band is at $64.07, while the lower band is at $61.53. The RSI indicator is currently in the overbought region above the 60 levels but is still climbing indicating that there is room for further price appreciation. The Moving average (MA) on a 4-hour timeframe is placed at $62.71 and is trending upwards. This is a sign of the bullish momentum in the market.

Litecoin price analysis conclusion

To conclude, Litecoin price analysis shows that the coin is currently in a strong bullish trend with prices trading at $63.16. The next target for the bulls is set at $65levels, while the bears are eyeing the $61.20 support level. Bulls are required to push prices past the $64.45 resistance level to confirm a continuation of the uptrend. It is evident from the Litecoin price analysis that bulls have the upper hand in the market as prices surged past the $64 level.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source link