Litecoin price analysis: Bullish momentum starts building up again at $45.36

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Cryptocurrencies prices heatmap, source: Coin360

Litecoin price analysis shows the LTC prices are currently showing some bullish momentum building up again after a brief period of consolidation in the $45-$46 region. The prices have found some support near the $40 level and are currently trading around the $45.36 mark. The current market scenario suggests that Litecoin may rise towards the $50.36 resistance level in the near term. However, if the price fails to sustain above the $46 level, it may fall back towards the $40 support level.

Litecoin price analysis shows that the digital asset has started gaining some momentum as the trading volume is increasing lately, which is currently at $945,452,917.LTC is ranked at position 19 and the total volume market cap is sitting at$3,175,632,020. 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 $45.36 mark.

LTC/USD 1-day price chart: Litecoin prices retest the $50.36 resistance

The 1-day Litecoin prices analysis shows that Litecoin has started to retest the $50.36 resistance after a brief consolidation period in the $46-48 region. Litecoin price analysis has found support at $40 and is currently trading around the $45.36 mark. The bearish tried to push the prices below the $40 support level but failed to do so. In the last 24-hour timeframe, the technical indicator Relative Strength Index (RSI) has risen above the 50 level, which indicates that Litecoin prices may continue to rise in the near term.

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

The Moving Average Convergence Divergence (MACD) on the 1-day timeframe is currently in the bullish zone as the MACD line (blue) is above the signal line (red) this indicates that Litecoin prices may rise further in the near term. The Bollinger band is currently in the overbought region as the prices have breached above the upper Bollinger band.

Litecoin price analysis on the 4-hour chart: Bulls stumble to keep control

The 4-hour Litecoin price analysis shows that the bulls have been struggling to keep control as the prices have breached below the $46 mark. The digital asset is currently trading at around the $45.36 level which is a bullish sign. The Moving average convergence divergence(MACD) on the 4-hour timeframe is currently moving above the signal line which indicates that Litecoin prices may continue to rise in the near term.

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

The RSI indicator is currently trading at 61.79, which is in the overbought region which shows that the price is in an upward trend. The Bollinger Bands on the 4-hour timeframe have expanded which indicates increased volatility in the market. The digital asset is currently trading near the upper Bollinger band, which indicates that Litecoin prices may fall in the near term.

Litecoin price analysis conclusion

To conclude, Litecoin’s price analysis shows that the market is currently in an uptrend as the prices have found some resistance near the $50.36 level and are currently trading around the $45.36 mark. The digital asset may continue to rise towards the $50,36 resistance level in the near term as long as it sustains above the $46 level. the investors must exercise caution as the prices may fall back towards the $40 support level if the price fails to sustain above the $46 level.

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