Litecoin price analysis: LTC/USD breaks out at $51.70 as bullish succession continues
Litecoin price analysis reveals that the LTC/USD price is currently in a bullish trend as it rallies to break out at $51.70. However, the cryptocurrency is facing rejection at $52.45 as the bulls seem to be losing momentum. Litecoin’s price started the day trading at $51.26 and slowly moved upwards to reach a high of $51.70. The cryptocurrency then corrected lower to trade at $51.20 but found support at this level as it rebounded to its current price of $51.70.
The LTC/USD pair has increased by 1.29 percent in the last 24 hours and is currently trading above the $51 mark. The coin’s market capitalization stands at $3.47 billion, and it has a trading volume of $8.78 billion over the past 24 hours.
LTC/USD 1-day price chart: LTC/USD facing resistance at $52.45
The daily chart for Litecoin price analysis shows that the cryptocurrency has been in a strong uptrend over the last 24 hours as it looks to continue its bullish momentum. After finding support at $51.20, Litecoin prices have taken control and pushed prices up to $51.70 and resistance for the coin is at 52.45. Bears have been unable to move prices lower, and a breakout above $52.45 could see Litecoin prices target the $55 level.
The RSI indicator is currently above the 60 level, which indicates that the bulls are in control of Litecoin’s price action. However, the MACD indicator is close to crossing into bearish territory, which could see Litecoin’s price come under selling pressure in the near term. The 50-day and 200-day simple moving averages are sloping downwards, which indicates that the path of least resistance is to the downside.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour chart for Litecoin price analysis shows that Litecoin’s price has been in an uptrend since finding support at $50.80. The coin has made higher highs and higher lows, which indicates that bulls are in control of the market. The LTC/USD pair is following an ascending support line, and a breakout above $52.45 could see Litecoin move higher to target the $55 level.
The Relative strength index(RSI) is currently near the overbought levels, which indicates that the prices might correct lower in the near term. The MACD indicator is moving higher, which indicates that the bulls are in control of Litecoin’s price action. The 50-day simple moving average is acting as a support level, and the 200-day simple moving average is sloping downwards.
Litecoin price analysis conclusion
To conclude, Litecoin price analysis shows that the bulls are in control of the market as the market is preparing to move higher as the bulls take control of the market. Most of the technical indications are in favor of the bulls as a bullish breakout is expected in the near term. The daily and hourly charts are indicating a bullish breakout which is likely to happen in the near term.
Disclaimer. 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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