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Litecoin price analysis: Bullish momentum pushes LTC to $46.58

Analytics

www.cryptopolitan.com 17 June 2022 13:34, UTC
  
Reading time: ~3 m

Litecoin price analysis shows that the market is on a bullish trajectory as the price has surged to $46.58. The cryptocurrency trades between an ascending parallel channel, which may act as a support and resistance level for LTC in the near future. The Litecoin price is currently following an uptrend as it breached the upper boundary of the descending triangle pattern.

Cryptocurrencies price heatmap, Source: Coin360

Litecoin price is expected to retrace towards the $47.65 resistance level, which may act as a potential hurdle for LTC’s upward price movement in the near future. On the other hand, if the cryptocurrency breaks below the $44.33 support level, it might find itself plunging toward the $41.50 mark. The Litecoin price has been on a bullish run since it found support at $41.50 and surged to its current level of $46.58.

The digital asset is trading between an ascending parallel channel, which may act as a support and resistance level for the LTC soon. The market cap has increased over the past few days, which indicates that the buyers are in control of the market as it is currently sitting at $3,284,032,977. The volume market for Litecoin is currently at $733,145,157, which is the fourth-largest cryptocurrency in the world.

LTC/USD daily price chart analysis: LTC Prices in a bullish trend

On the 1-day price chart, Litecoin price analysis is following an uptrend as it breached the upper boundary of the descending triangle pattern. The cryptocurrency recently found support at $41.50 and surged to its current level of $46.58. The Relative Strength Index for LTC is currently in the overbought region above 70 levels, which indicates that the market is overbought in the near term.

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

The MACD indicator is presently positive and is above the signal line, which indicates that the market is in a bullish trend. The moving average convergence divergence histogram has just started to increase, which suggests that the buyers are currently in control of the market. The MA 50 and MA 200 are presently trending above the price, which indicates that the market is in a bullish trend.

Litecoin price analysis on a 4-hour price chart: Prices trying to move higher

The 4-hour price chart for Litecoin price analysis shows that the market is trying to move higher as it is trading between an ascending parallel channel. The market is presently following an uptrend as it breached the upper boundary of the descending triangle pattern. The bears are currently trying to push the prices lower, but the bulls are defending the $46.00 level.

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

The RSI is currently above the 60 levels, which indicates that the market is overbought in the near term. The MACD indicator is presently positive and is above the signal line, which indicates that the market is in a bullish trend. The moving average of 50 and moving average of 200 are moving averages above the price, which indicates that the market is in a bullish trend.

Litecoin price analysis conclusion

Litecoin price analysis reveals that the bulls are currently in control of the prices and are likely to push prices higher in the near term. Prices are expected to find strong resistance at $47.65, but a break above this level could see LTC/USD move towards $50.0 levels in the near term. On the other hand, a break below $44.33 could see Litecoin prices retrace towards $41.50 levels in the short term.

 The information provided is not trading advice. Cryptopolitan.com 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.


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