Litecoin price analysis shows a bullish market movement. The LTC/USD pair has been ascending over the past few hours and is currently trading at $93.94. The buyers have managed to push the price above the $91.15 support level and are now aiming for a break of the first major resistance, located at $94.16.
However, the bearish pressure ruled the market for the past few days, with the price dropping below the $91 support level. The bulls finally managed to make a strong comeback, pushing the price above the $91.15 mark and setting up a possible breakout of the current resistance.
LTC/USD 1-day price chart: Litecoin is trading in a bullish trend today
Litecoin price analysis on the daily chart shows that the price has been appreciating today as LTC/USD pair is trading hands at $93.94 at the time of writing. LTC/USD has gained a value of 1.84 percent over the last 24 hours as more buyers are entering the market. The market cap is still on the higher side, with an increase of 1.85 percent, however, the trading volume is still low as the pair trades in a tight range.
The 20-EMA is currently providing strong support for the bulls and is located at $91.15, while the 50-EMA is still in a bearish trend and is signaling a possible retracement in the near future. The RSI indicator is also trading in overbought territory, indicating that buyers are holding a strong grip on the market. The moving average (MA) value in the one-day price chart is at the $95.04 mark, indicating a possible breakout of the $94.16 resistance level in the near future.
Litecoin price analysis: LTC could be headed for a surge
The four hours Litecoin price analysis is showings signs of a solid bullish trend, as the price has increased significantly. After the last price correction observed yesterday, the trend reversed in favor of the bullish side, as the bulls were leading the price chart earlier. Nonetheless, an upward trend has been observed in the last four hours, as the price has moved up to the $93.94 level after swinging as high as $94.16.
The moving average value is $92.66 on the hourly chart, as the 50-day moving average and 200-day moving average are trending in an uptrend, indicating that the momentum is in favor of buyers. The relative strength index (RSI) indicator also shows a bullish trend as it moves towards overbought territory at 51.03 points. The LTC coin price has managed to sustain above the 50 and 200-day EMA which shows that the bulls are still alive and the short-term trend remains in the direction of bulls.
Litecoin price analysis conclusion
The Litecoin price analysis shows that the market has followed an upward trend for the day. The price improved considerably and is now touching the $93.94 mark above the $91.15 support level. The bulls have managed to push the price above the first major resistance, located at $94.16, and are now aiming for a break of this level.
