Litecoin price analysis reveals the LTC/USD is highly bullish today as it receives exceptional positive sentiment from the market. The bulls are on the march towards attempting a new record high as the price has already reached $76.56, and the all-time high happens to be at $77.04, which is the nearest resistance level for the crypto pair. The price movement was slow at the start of today’s session but has got momentum during the last 24 hours, as it shot up quite fast.
Litecoin price analysis 4-hour chart: Bulls stumble to keep control
The hourly Litecoin price analysis chart reveals that the cryptocurrency has been following an uptrend for the last few hours. On the other hand, the price has seen a slight downtrend over the last few days as the market corrects itself after a strong rally. The bulls are struggling to keep control of the market as the bears seem to be closing in on them.
The 4-hour MACD reveals increasing bullish momentum in the market as the signal line crosses above the histogram. The RSI indicator is also moving in the overbought region, which indicates that LTC/USD may see a slight correction before it can resume its upward trend. The Bollinger bands are also expanding, which means that the price volatility is increasing.
LTC/USD 1-day price chart: Price moving unboundedly upwards
The 1-day Litecoin price analysis chart shows that the cryptocurrency is currently trading in an ascending channel. The digital asset has seen a strong rally over the last few days as it surged from $74.44 to its current price level. However, if the bearish market emerges, the price of Litecoin will most likely find support at $73.40, which is the lower boundary of the ascending channel.
The moving average convergence divergence (MACD) reveals that the bulls are in full control as they have been consistently increasing their strength over time. The signal line has moved well above the zero level, indicating strong bullish momentum in the market. Furthermore, the RSI indicator is currently moving near the overbought zone, but this could be a sign that LTC/USD may see a price correction soon. The Bollinger bands are currently showing minor volatility in the market as the upper band is at $77.04, while the lower band is at $74.44 on the 1-day chart.
Litecoin price analysis conclusion
The one-day and four hours Litecoin price analysis is indicating a bullish trend for the day as the price is on its way to recovery once again. The LTC/USD value is now standing at $75.56 and it can be expected that further upside is coming ahead.
