Litecoin price analysis shows that the coin is currently in a strong bullish trend as prices surged above the $50 mark. However, Litecoin prices are now facing rejection at $51.55. The LTC market has been on an uptrend for the last 24 hours as prices breached above the key support level of $48.19 level. The buyers have been in control of the LTC market for the last few days as prices surged from $43.64 to the current level.
The digital asset has increased by over 4 percent in the last 24 hours and is currently trading at $51.03. The LTC market has a market capitalization of $3.58 billion and is ranked seventh on CoinMarketCap’s list. The 24-hour trading volume in the LTC market is $449 million
LTC/USD daily price chart analysis: LTC Prices in a bullish trend
The daily Litecoin price analysis chart shows that the coin has formed higher highs and higher lows in the past 24 hours to indicate a bullish trend. The LTC prices have been trading inside this descending resistance line for the last few weeks. However, the LTC prices have recently breached above this line to indicate a change in trend.
The Moving average convergence divergence(MACD) line blue ) has recently crossed above the signal line (red) to indicate a bullish trend in the market. The Relative strength index(RSI) is currently near the overbought levels, which indicates that the prices might correct lower in the near term. The EMA ribbons are also placed well below the LTC prices, which is a bullish sign.
Litecoin price analysis on a 4-hour price chart: Prices trying to move higher
The 4-hour Litecoin price analysis shows that the LTC/USD pair is trying to move higher but is facing rejection at the $51.55 resistance level. The bulls need to break out of this level to move higher. On the downside, there is strong support present at $48.19 and a break below this level could see the prices move lower.
The MACD line is moving higher but is still below the signal line. The RSI indicator is currently at 54, which indicates that the market is in a neutral zone. The bulls are moving above the EMA ribbons, which is a bullish sign.
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.
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