The latest LTC price analysis reveals that LTC is currently in an uptrend, with the cryptocurrency up over 3.54 in the past 24 hours.
However, LTC price is facing some resistance near the $60 level, and it may struggle to overcome this hurdle in the short term.
The bullish momentum appears to be fading as the price stalled near the $56 support level.
The next major resistance is near the $60 level, if the bulls manage to push the price above this hurdle, and that is likely to happen.
1-Day Price Analysis: What to Expect?
LTC price is currently consolidating above the $55 level, after a sharp rally in the last 24 hours. The cryptocurrency may continue to rise as long as it is trading above the $56 support level.
However, if the price fails to hold this support, it may fall towards the $54 level.
On the other hand, if the price breaks above the $60 resistance, it is likely to rise towards the $62 and $64 levels.
The moving average lines are placed below the candlesticks indicating that the path of least resistance is to the upside.
The RSI is currently above the 50 level, which also confirms that the bulls are dominating the market.
The MACD line is currently above the signal line and it is another bullish sign.
Looking at the chart, it appears that the price of Litecoin is following an upward trend. However, it is facing some resistance near the $60 level.
The market is currently volatility at a low level as indicated by the ATR indicator. This means that LTC price is not likely to make any major moves in the near term.
Bollinger bands are widening slightly which indicates that the price may make more upside in the near term.
Litecoin LTC price analysis on the 4 hour chart: Bears are back as price breaks key support
Litecoin price analysis on the 4-hour chart shows that LTC price is trading below $57.50, after a sharp increase in the last 24 hours.
Litecoin LTC is currently trading near the $57 level on the 4-hour chart.
The digital currency has formed a descending triangle pattern, which is usually considered a bearish signal. However, the price is likely to find support near the $56 level, which could prevent it from breaking below the triangle.
The MACD line is currently below the signal line and it is another bearish signal. The RSI is also heading towards the oversold territory adding credence to the bearish case.
Looking at the chart, it appears that the LTC price is following a downtrend. However, it has found support near the level of 56 countries, which may prevent it from breaking below the descending triangle pattern. The MACD line also indicates that the bears are in control of the market.
Litecoin LTC price analysis for today shows that the price of the cryptocurrency is facing some resistance near the $60 level.
However, it has found support near the $56 level, which may prevent it from breaking below the descending triangle pattern. The market is expected to be volatile in the near term and a reversal is likely to occur near the $60 level.
Source: Cryptopolitan