The recent Litecoin price analysis shows an uptrend in the price of LTC, with it touching a high of $98.82. The buying pressure is strong, as bulls are driving the market higher, as more investors look to gain exposure in the cryptocurrency market. The market opened today’s...
The recent Litecoin price analysis shows an uptrend in the price of LTC, with it touching a high of $98.82. The buying pressure is strong, as bulls are driving the market higher, as more investors look to gain exposure in the cryptocurrency market. The market opened today’s trading session with strong bullish sentiment at $101.03, which was above the $100 level, however, later the bullish was minimal, and the price reached $97.18.
Litecoin price analysis 1-day price chart: Bullish momentum rallies toward $98.82
The daily Litecoin price analysis shows that the price of LTC is currently trading around $98.82 and is heading towards the resistance at $101.86, which could be a major hurdle in its way if it tries to break this level. The buyers are still very much interested in pushing up these prices as they look to take advantage of any dips in the price. The trading volume for LTC has seen an increase in the past few days, and this could be one of the key reasons why prices have been able to sustain their upward momentum.
The daily technical analysis of Litecoin shows that the RSI is currently at 64.35, which indicates a bullish sentiment in the market. The Stochastic oscillator is also indicating that buyers are in control of the market as it moves from oversold levels. The MACD histogram has moved above the zero line and is indicative of strong buying pressure. The moving average indicator also shows a bullish trend in the market. Currently, the moving average is at the $95.31 level.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis also confirms the bullish trend as a good increase in LTC/USD market value has been detected. Although the bulls controlled the market trends earlier, the latest development has been more aggressive as the price shot past the upper limit of the volatility indicator. The price is now present at $98.82 as a result of the latest bullish run. The short-term trending line is still moving ascendingly due to the previous uptrend. And the moving average value at present is $98.39 now.
The 20-SMA is above the 50-SMA which indicates that the buyers have control over the market. The moving average convergence divergence (MACD) indicator is also showing a bullish trend as the MACD line has crossed above the signal line. This shows that the buyers are in control of the market and more investors could be attracted to Litecoin if these trends continue. The relative strength index (RSI) is currently at 61.37, which indicates that there could be a further upward surge in the price of LTC soon.
Litecoin price analysis conclusion
Overall, Litecoin price analysis shows that the coin is moving close to its resistance level and if it manages to break above this level then there could be further upside potential. The technical indicators are all supporting a bullish trend and buying pressure is still strong in the market.