Litecoin price analysis shows that the coin has seen another price hike as the market starts to heat up again. The LTC/USD rate has risen by 3.73% in the last 24 hours and is currently trading at $54.94. This price hike comes after a brief consolidation period in which the bulls and the bears were fighting for control over the market. The LTC/USD pair has been on a tear since the beginning of this month as the market starts to heat up again. The pair started the month at around $48 and has slowly risen to its current level. The bulls have been in control of the market for the most part and have been able to push the prices higher.
Litecoin price analysis shows that the bulls are facing some resistance at the $55.65 level. This is a major resistance area for the LTC/USD pair and the bulls will need to break this level to continue the uptrend. The next major resistance level for the bulls is at the $58.00 mark. The bulls need to break this level to continue the uptrend. On the downside, the first support level for the LTC/USD pair is at the $51.28 level. This is a major support area for the pair and the bulls will need to defend this level to continue the uptrend. The market cap for the LTC/USD pair is currently at $3.57 billion and the 24-hour trading volume is at $648 million.
LTC/USD daily price chart analysis: LTC Prices in a bullish trend
The 1-day Litecoin price analysis shows that the LTC/USD pair is in a strong uptrend as the prices have risen up to the $54.94 level. The pair has been following a rising wedge pattern for the 24-hours. The bulls will need to break out of this pattern to continue the uptrend.
The Moving average convergence divergence(MACD) line blue and signal line red are both above the zero line which is a bullish indicator. The relative strength index(RSI) is at 57.27 which indicates that the market is neutral and there are no overbought or oversold conditions. The EMA 10 (purple) is above the EMA 50 (yellow) which is a bullish signal this is a bullish sign for the market.
Litecoin price analysis on a 4-hour price chart: Prices trying to move higher
The 4-hour Litecoin price analysis shows that the LTC/USD pair is trying to move higher as the prices have risen up to the $54.94 level. The bulls need to break out of this resistance area to continue the uptrend. The buyers will need to defend the $51.28 support area to continue the uptrend. The 4-hour MACD line is moving above the signal line which is a bullish indicator. The RSI is at 59.00 which indicates that the market is in a bullish zone. The EMA 10 is above the EMA 50 which is a bullish signal for the market.
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.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-06-23/