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Litecoin price analysis: LTC reports 10 percent gain, as bulls take price to $185

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  • LTC is bullish today, according to Litecoin price analysis.
  • Support for LTC/USD is present at $178.
  • Resistance is found at $189.5.

The Litecoin price analysis shows LTC is in bullish form as the price breakup is now upwards of $178, despite breaking below at the start of today’s session. LTC/USD is showing good performance as the cryptocurrency is on an upwards trend from 29th September, gaining significant value over the previous 11 days. The LTC/USD pair price has again entered the upper price channel of the last three months.

The broader crypto market is showing bullish sentiment as Ethereum and most of the top altcoins are reporting gains today. But the pioneering Bitcoin is in correction mode today; however, the leader Bitcoin is overall bullish, and the price is floating above the psychological mark of $50,000, exactly at $54530 at the time of writing.

Litecoin gained more than eight percent price value over the last 24 hours and has been reporting more than a 23 percent gain in value over the past week.

LTC/USD 1-day price chart: LTC bulls to face the resistance of $188.7 next

The 1-day price chart for Litecoin price analysis shows a strong bullish momentum. Bulls successfully surpassed the first resistance of $181 today, and now they are leading the price function towards their next target of $188.7. Today LTC/USD covered a good range from $178 to $185; The crypto pair is trading at the later figure at the time of writing.

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Litecoin price analysis: LTC reports 10 percent gain, as bulls take price to $185 1
LTC/USD 1-day price chart. Source: Tradingvew

The volatility is once again increasing for LTC/USD pair as the Bollinger bands again started diverging from yesterday; as can be seen on the 1-day chart, The upper band is at $187, and the lower band is at the $135 mark. As the price is near the upper band, the indicator shows more price variations to be observed in the upcoming time.

The relative strength index (RSI) is shooting upwards, as can be observed from the upwards slope of the indicator. RSI is currently trading at 60 index, indicating an increasing buying activity of LTC in the market; however, the indicator itself is in the neutral zone.

The MACD oscillator indicator is giving a strong bullish signal, supporting the buying side of the market. As can be observed, the histogram is dark green, and the bars are elongating upwards, indicating the bullish trend in full swing.

The Litecoin price analysis: Recent developments and further technical indications

The 4-hour chart for Litecoin price analysis shows, bulls successfully took over the bearish attempts at the start of today’s session and covered a good range. Bulls are dominating the price function of the LTC/USD pair as they recovered the bearish loss of the early hours and surged the price further up, aggressively marking their presence.

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Litecoin price analysis: LTC reports 10 percent gain, as bulls take price to $185 2
LTC/USD 4-hours price chart. Source: Tradingvew

The volatility is high on an hourly basis, as can be noted from the vast expansion of the Bollinger bands, which started expanding yesterday and still continues. The RSI shows a flat movement currently on the 4-hour chart, indicating some competition among both sides of the market. However, the indicator is near the overbought limit at the 64 index.

The short-term and the mid-term moving averages (MA) and exponential moving averages (EMA) support the bullish side, as they indicate the buying signs for LTC assets. At the same time, the oscillator technical indicators are mostly neutral but show some support for the bullish side, with the Momentum oscillator also supporting the buying of assets.

Litecoin price analysis: Conclusion

The Litecoin price analysis and technical indications strongly support the ongoing bullish momentum. The LTC/USD pair price is expected to increase in the coming hours. The next resistance level of $189.5 is quite steep, but the bullish outlook of LTC is outright aggressive, and LTC/USD may surpass this crucial resistance as well in the next 24 hours.

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Litecoin Forecast and LTC/USD Analysis October 22, 2021

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LTC/USD are traded at the level of 204.04 and continue to move as part of the rise and the bullish channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $13,333,492,930. Moving averages indicate a short-term bullish trend for Litecoin. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the area of ​​190.55. Where can we expect a rebound again and a continuation of the rise in the Litecoin rate with a potential target above the level of 245.55.

Litecoin Forecast and LTC/USD Analysis October 22, 2021

An additional signal in favor of the growth of LTC/USD quotes will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option to raise the coin will be a fall in the value of the asset and a breakdown of the area of ​​170.55. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below 135.55. With the breakdown of the resistance area and closing of quotations above the level of 220.05, we should expect confirmation of the development of a bullish trend in Litecoin, which will indicate a breakdown of the upper border of the downward channel.

Litecoin Forecast and LTC/USD Analysis October 22, 2021

Litecoin Forecast and LTC/USD Analysis October 22, 2021 suggests an attempt to correct and test the support area near the level of 190.55. Where can we expect a rebound and a continued rise in the LTC/USD price to the area above the level of 245.55. An additional signal in favor of Litecoin’s growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the upside option will be a fall and a breakdown of the 170.55 area. This will indicate a continued fall in the cryptocurrency with a target below 135.55.

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Litecoin Forecast and LTC/USD Analysis October 21, 2021

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LTC/USD are trading at 198.05 and continue to move as part of the rise and the bullish channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $14,182,763,662. Moving averages indicate a short-term bullish trend for Litecoin. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the area of ​​190.05. Where can we expect a rebound again and a continuation of the rise in the Litecoin rate with a potential target above the level of 255.05.

Litecoin Forecast and LTC/USD Analysis October 21, 2021

An additional signal in favor of the growth of LTC/USD quotes will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option to raise the coin will be a fall in the value of the asset and a breakdown of the area of ​​165.05. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 125.05. With the breakdown of the resistance area and closing of quotations above the level of 220.05, we should expect confirmation of the development of a bullish trend in Litecoin, which will indicate a breakdown of the upper border of the downward channel.

Litecoin Forecast and LTC/USD Analysis October 21, 2021

Litecoin Forecast and LTC/USD Analysis October 21, 2021 suggests an attempt to correct and test the support area near the level of 190.05. Where can we expect a rebound and a continued rise in the LTC/USD price to the area above the level of 255.05. An additional signal in favor of Litecoin’s growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the upside option will be a fall and a breakdown of the 165.05 area. This will indicate a continued fall in the cryptocurrency with a target below the level of 125.05.

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Three Litecoin On-Chain Indications Show “Bullish” Data

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Litecoin holders are mostly in profit while whales stack more coins.

On-chain data provided by IntoTheBlock for Litecoin cryptocurrency shows three bullish indications for the coin simultaneously. The mentioned indications are net network growth, the number of addresses “in the money” and the concentration of funds.

Net network growth

According to provided on-chain data, the net network growth of Litecoin is currently up by 1.89%. The metric measures the change of the total number of Litecoin addresses.

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Following the continuation of a positive trend on the metric, the number of Litecoin holders is significantly increasing, which also reflects on the coin’s trading volume—which has increased by almost 100% since the beginning of the month.

In the money

While the volume of funds for Litecoin is progressively rising, it is important for them to remain “in the money,” which means staying above the entry point on the market. Currently, 70% of Litecoin holders are remaining in the money, which is the average value for an asset moving in the uptrend.

IntoTheBlock Data
Source: IntoTheBlock

Only 18% of traders and investors remain at a loss in the current market. Twelve percent of market participants are “in the money,” which means they have either just entered the market or have been holding their positions open since September when Litecoin was trading for the same price.

Concentration of funds

The concentration of funds signals changes in the whale-tier positions on the market. While large addresses are stacking rather than spending funds, the metric is considered bullish. The absence of selling pressure on the market allows assets to move.

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Litecoin Chart
Source: TradingView

While overall on-chain data is positive for Litecoin, it is most likely tied to the overall sentiment on the market, which remains bullish for both altcoins and Bitcoin. Cryptocurrency market capitalization has increased by $700 billion since the end of September and is continuously increasing.

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