The recent Litecoin price analysis has been trading on a bullish pattern as the coin recovered from its recent low of $86.37 and rose steadily above the $90.00 level. The bullish bias in the LTC/USD pushed the price to its high intraday of $92.88 before a pullback. The bull’s momentum has been enough to move the price up by 6.30% over the past 24 hours and 13.42% in the last 7 days.
The trading pair is now facing resistance at the $92.88 level whereby a break above this resistance is likely to push the price up to its next target which is a key psychological level for the buyers and sellers. On the other hand, if there is a breakdown below $86.37, then Litecoin will be seen trading in a bearish trend. The market capitalization of Litecoin is now around $6.66 billion and the 24-hour trading volume stands at $567 million.
Litecoin price analysis 24-hour chart: LTC/USD experience a bullish comeback as it trades above the $90 level
The 1-day chart for Litecoin price analysis shows that the price has seen a significant bullish comeback and it is trading in a range-bound channel between $86.37 and $92.88 resistance levels. The bulls are trying to take control of the market with a break above $90, while the bears are likely to take advantage of the lower price if they can push the price toward the $86 level.
The Moving Average Convergence Divergence (MACD) indicator has moved into the positive territory indicating a bullish market sentiment as also the MACD line has crossed above the signal line. The Relative Strength Index (RSI) is at the 55.14 level which shows that the market is neither overbought nor oversold. Moreover, the moving average with a value of 90.35 shows that the market is in an uptrend and the bulls are likely to take control in the near term.
Litecoin price analysis 4-hour chart: Bulls aim to push LTC/USD above the $92.88 resistance level
The hourly chart for Litecoin price analysis indicates that a positive trend has been underway for the past several hours. The price has experienced some volatility in recent times, but overall it appears to be heading toward higher highs as the market sentiment seems positive for LTC/USD, and there is a good chance of further gains in the near future.
The technical indicators on this time frame are signaling a bullish bias. The MACD has moved into positive territory, while the RSI is currently at 56.47 level and will likely move higher if buyers gain more market control. Additionally, the moving average is currently at 90.00 just below the current price indicating some potential upside in the coming sessions.
Litecoin price analysis conclusion
Overall, Litecoin’s price analysis suggests that LTC/USD is likely to continue moving upward soon, as long as it can maintain the current bullish momentum. A Breakout above $92.88 which could be likely met with strong buying pressure could drive the price higher while a breakdown below $86.37 could result in a shift toward a bearish trend.
