Litecoin price analysis: Bullish spell launches LTC above $61.85
- Litecoin price analysis shows a bullish trend
- Support for LTC price is present at $58.58
- LTC/USD prices are facing rejection at $62.49
Litecoin price analysis reveals that the digital currency has started a new bullish spell after a brief period of consolidation. LTC prices have surged above the $62.49 level, which is a key resistance area. The Litecoin price is now trading at $61.85, which is just below the key resistance area of $62.49. A breakout above this level could open the door for a move towards the $64.00 level. On the downside, support is present at the $58.58 level. A breakdown below this level could result in a move towards the $56.00 level.
The current market conditions are positive for Litecoin. The digital currency has a market cap of $4.34 billion, and it is the sixth-largest cryptocurrency in the world. The 24-hour trading volume of LTC is $529 million. Litecoin is well above its key support levels, and it looks poised for further gains in the near term.
LTC/USD 1-day price chart: LTC/USD facing resistance at $62.49
The daily chart for Litecoin price analysis shows that the cryptocurrency has been in a strong uptrend over the last 24 hours as it looks to continue its bullish momentum. After finding support at $58.58, Litecoin prices have taken control and pushed prices up to $61.85 and resistance for the coin is at 62.49.
The RSI indicator is currently above the 60 level, which indicates that the bulls are in control of Litecoin’s price action. However, the MACD indicator is close to crossing into bearish territory, which could see Litecoin’s price come under selling pressure in the near term. The 50-day and 200-day simple moving averages are sloping downwards, which indicates that the path of least resistance is to the downside.
Litecoin price analysis: Recent developments
The 4-hour chart for Litecoin price analysis shows that Litecoin’s price has been in an uptrend after finding support at $58.58. The coin has made higher highs and higher lows, which indicates that bulls are in control of the market. The LTC/USD pair is following an ascending support line as it looks to continue its move higher.
The Relative strength index(RSI) is currently near the overbought levels, which indicates that the prices might correct lower in the near term. The MACD indicator is moving higher, which indicates that the bulls are in control of Litecoin’s price action. The 50-day simple moving average is acting as a support level, and the 200-day simple moving average is sloping downwards.
Litecoin price analysis conclusion
To conclude, Litecoin price analysis shows that the bulls are in control of the market as the market is preparing to move higher as the bulls take control of the market. Most of the technical indications are in favor of the bulls as a bullish breakout is expected in the near term. The daily and hourly charts are indicating a bullish breakout which is likely to happen in the near term.