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Litecoin price analysis: LTC/USD expected to surpass its intraday high




Litecoin price analysis: General price overview

LTC/USD picked off the five-day Litecoin price analysis chart while the bulls had taken control of the market. The coin traded in a rising wedge forming several triangles. LTC has recorded a 25 percent gain in the last week.

On the 5-day price analysis chart, the green bars seem to be more than the red ones. This is a good indication that the LTC/USD market is trading in bullish momentum.

The Bollinger bands are moderate in size; this signals the prices are trading at a tight range, which means the market has low volatility. At the same time, the 100 day MA is trading positively throughout the 5-day price analysis chart, meaning that the LTC is bullish.

There is a possibility of the bull dominance continuing as per Litecoin price analysis. On the daily price analysis chart, the market seems to be bullish in the early trading hours.

Litecoin price analysis: LTC/USD expected to surpass its intraday high 1

Source: Coin360

Despite Bitcoin being on the green side of the cryptocurrency heat map, the coin had recorded slight drops as it is currently trading at $49.7K, having lost a few thousand dollars from yesterday’s highs. 

The second-largest digital asset is striving to hit the $4K in the course of the weekend. Ether is currently trading at $3.9, summing the total gains to be 5.22 percent. BNB continues to struggle to hit $500. However, the sellers seem to be having a significant preasure that is causing a strong resistance at $490, making it almost impossible for the BNB/USD to touch the $500 mark.

Most altcoins trade in a positive trend; however, AVAX, LUNA, UNI, and KSM are trading in bearish momentum. The top gainers are POLY with 160 percent gain; SUR comes the second gaining more than 90 percent ELF closes our top three gainers with 70 percent gain.

Litecoin price movement in the last 24 hours: Upward momentum

Towards the end of yesterday’s price analysis chart, LTC traded in a bullish trend. However, this negative trend was cut short when the daily Litecoin price analysis chart began. According to Litecoin price analysis, the bulls took full command of the market, sending the price higher in a rising wedge, resulting in flag trends.

The coin is moderately volatile after it has traded in a tight range of between $ 208.46 – $217. 

LTC/USD 4hour price chart: Bears control the short-term market

On the four-hour price analysis chart, the bears have taken complete control of the market, making the coin’s price drop in a falling wedge to the intraday lows of $208.46. The buyers had created support at this point, the bulls took control of the market, and they have begun an upsurge.

Litecoin price analysis: LTC/USD expected to surpass its intraday high 2

Source: Tradingview

The RSI points towards the overbought region, meaning that the buyers are likely to push the price past the day’s highs with the help of the $208.46 support.

Litecoin price analysis: Conclusion

Despite the red candlesticks outnumbering the green candlesticks, the MACD line has crossed over the red line on the one-hour price analysis chart suggesting a bull momentum is underway. 

The Balance of Power indicator is positive, meaning that the total power is more than the bear’s strength, and so there is a possibility of the coin breaking its intraday high before midnight.

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