Litecoin price analysis indicates that the digital asset has been on a downward trajectory in most part of today’s session with the bears pushing the price to the $90.00 level. Currently, bulls have overthrown the bears which have been in control since as of press time, LTC...
Litecoin price analysis indicates that the digital asset has been on a downward trajectory in most part of today’s session with the bears pushing the price to the $90.00 level. Currently, bulls have overthrown the bears which have been in control since as of press time, LTC/USD pair is trading at around $90.71, up with a slight improvement at 0.02% in the last 24 hours.
Bears were in firm control of the market, as the LTC/USD pair had retested the present support level twice in the past 24 hours before the price bounced back to the current mark at $90.71. If the bulls are unable to break above the resistance level at $91.39, the digital asset could remain in a trading range with support coming in at $90.09.
The market capitalization of Litecoin has also increased to $6.60 billion, an increase of 0.04 percent from yesterday’s close while the 24-hour trading volume is currently at around $311 million having gained 0.95 percent.
Litecoin price analysis daily chart: LTC consolidates as bulls and bears battle for control
Litecoin price analysis on the daily chart confirms the bearish sentiment has been prevailing in today’s session, with the bulls making a valiant effort to push LTC back above the $91.39 resistance level. The selling pressure has been persistent since the start of today’s session. Right now, LTC is trading at $90.71, which is a relatively higher level if we compare it to its moving average (MA) value of $89.17.
The MACD indicator is currently seen trending downwards indicating that the bearish momentum is likely to persist if the buying pressure is unable to break the $91.39 resistance level. On the histogram, the red bars have decreased in size and also lost momentum hence, the showing the bulls are on the way gain the upper hand. The RSI indicator is at 49.38 index level in the neutral region, indicating that the market may be seen consolidating in the near future.
LTC/USD 4-hour price chart: Latest developments and further indications
The hourly chart for Litecoin price analysis shows a bullish trend as the bulls attempt to break out of the $91.39 resistance level. In the past few hours, LTC has sharply raised from the $90.40 range to the current price of $90.71 and the present resistance at $91.39, indicating the presence of buying pressure.
The MACD indicator has also turned bullish as the blue line has moved above the red line indicating that LTC may soon break out of the resistance level and move towards higher levels. The histogram depicts a similar story with green bars appearing, confirming that the bulls have taken control of the market. Lastly, the RSI indicator is also pointing towards a bullish trend with its value being above 50.
Litecoin price analysis conclusion
Overall, the Litecoin price analysis for today is bullish with the buying pressure prevailing in the market. The bulls have attempted to break out of the present $91.39 resistance level, which if successfully broken could see LTC moving up towards new highs. However, there is still a chance that bearish sentiment may prevail as the selling pressure remains persistent in the market.