Litecoin price analysis indicates that the cryptocurrency has found support at $41.94 and currently trading at the $49.99 mark. The market is expecting a breakout from the ascending triangle pattern formation. Litecoin has been on an uptrend over the past few days as it surged from $41.94 to $49.99. The market is currently facing resistance at the $51.31 mark, and a breakout above this level could see Litecoin’s price target at the $58 mark.
Litecoin price analysis shows that the digital asset has started gaining some momentum as the trading volume is increasing lately, which is currently at $1,134,916,018.LTC is ranked at position 19 and the total volume market cap is sitting at$3,503,662,624. Litecoin price analysis suggests that the digital asset is likely to continue its upward trend in the near term as long as it sustains above the $49.99 mark.
LTC/USD price analysis on a daily timeframe: Bulls push for higher prices
The 1-day Litecoin price analysis shows that the bulls are stumbling to push prices higher to initiate a firm bullish momentum. The market has seen some selling pressure as the Relative Strength Index (RSI) dipped below the 50-level. The LTC/USD pair is trading well above the moving averages which indicates that the bulls have the upper hand in the market.
The MACD indicator is currently in bullish territory but is losing its momentum as the signal line is about to cross below the histogram. Litecoin price analysis shows that if the market breaks below the $41.94 support level, it might retest the $38.62 mark in the near term. On the other hand, if the LTC/USD pair breaks above the $51.31 resistance level, it might target the $58 and $60 levels in the near term.
Litecoin price analysis on a 4-hour price chart: LTC/USD retests the $ 41.94 mark as support
The 4-hour Litecoin price analysis shows that the market opened trading at $41.94 and has been on an uptrend, closing at $49.99. The crypto asset hit a high of $51.31 but faced some selling pressure as the market found resistance at this level. The bulls are still in control as they target the $55 price level with more buyers joining the market. The digital asset is currently trading above the ascending trend line which is a good sign for the bulls.
The technical indicator in the 4-hour timeframe is currently in bullish territory with the RSI above the 50-level. The Moving average indicator shows that the 21-day and 50-day MA are both trending above the LTC/USD pair which is a good sign for the bulls. The MACD indicator is moving in the bullish territory but is losing its momentum as the signal line is about to cross below the histogram.
Litecoin price analysis conclusion
Litecoin price analysis on both the daily and 4-hour timeframe shows that the digital asset has found support at $41.94 and currently trading at $49.99. The investors are now waiting for a breakout from the ascending triangle pattern to initiate a firm bullish momentum. Bulls are still in control as they target the $55 price level. The technical indicators on both timeframes are currently in bullish territory but are losing their momentum.
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