Litecoin price analysis reveals that the LTC/USD prices have spiked high as the bullish momentum continues to inflate. The current market trend is very strong and there is a possibility that the prices might test the $58.00 resistance level soon. For now, support for Litecoins price is present at $50.39. The LTC/USD prices have been on a bullish run for the last 24-hour and this rally has taken the prices to new yearly highs. The price has increased by over 5 percent in the past 24 hours and is currently trading at $51.11.
The market capitalization of Litecoin has also increased to $3,609,639,297, and the 24-hour trading volume is present at $685,024,851. The LTC/USD prices have formed a new higher high at $55.62 which is a resistance level. The prices have retraced from this level and are currently trading below the $55.50 level. If the prices continue to move lower, immediate support is present at the $54.00 level.
LTC/USD daily price chart analysis: LTC Prices in a bullish trend
The 1-day Litecoin price analysis shows that the LTC/USD prices have been on a strong uptrend and have broken above the $50.00 resistance level. The market is presently following an uptrend as it breached the upper boundary of the ascending channel. The prices have retraced from the $55.62 highs and are currently facing rejection at the $55.62 level.
The MACD indicator is presently in the bullish zone, and the signal line is above the MACD line, which indicates that the bullish momentum is likely to continue in the market. The Relative Strength Index is presently near the overbought levels, which indicates that the prices might witness a minor correction in the near term. The Bollinger Bands are broadening, which indicates that the prices might witness some volatility in the near term.
Litecoin price analysis on a 4-hour price chart: Further gains expected
The 4-hour price chart for Litecoin analysis shows that the market is trying to move higher as it is trading between an ascending parallel channel. The market is presently following an uptrend as it breached the upper boundary of the descending triangle pattern. The bears are currently trying to push the prices lower, but the bulls are defending the $50.39 support level.
The Bollinger band is closely packed together, which indicates that the prices might witness some consolidation in the near term. The MACD indicator on 4-hour shows that the MACD line is above the signal line, which indicates that the bullish momentum is likely to continue in the market while the RSI is above the 60 levels, which indicates that the market is in an overbought zone.
Litecoin price analysis conclusion
In conclusion, Litecoin price analysis reveals that the LTC/USD prices might continue to move higher as the market is following an uptrend. The price is closely trading near the $55.00 resistance level and a breakout above this level might lead to further gains. The market is presently in an overbought zone, which indicates that the prices might witness some consolidation in the near term.
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