The Litecoin price analysis shows the cryptocurrency is in bullish mode today, as the price has started to recover today after some stronger corrections observed till yesterday. LTC was in a downtrend for the last three days and lost significant value during this time. The coin also came below the psychological mark of $50. However, the price curve turned upward as the coin rejected further downside below $46.8. LTC is currently testing $48.8 resistance, and a break above seems possible.
LTC/USD 1-day price chart: Selling pressure might hit again
The 1-day price chart for Litecoin price analysis shows that the bulls continue to cover the range upwards after yesterday’s correction. The LTC price has improved from $46.8 to $48.8 today as the coin is currently trading at the latter value. LTC reports an increase in price value by nearly one percent for the last 24 hours. On the other hand, it also reports a 2.78 percent decrease in price over the past week, as the trend was mostly bearish for the past two weeks. The trading volume has also decreased by 3.13 percent, accounting for a market dominance of 0.39 percent.
The volatility is relatively high for the LTC/USD pair; the upper limit of the Bollinger bands indicates resistance at $57.99, while the lower limit shows the strongest support at the $46.63 level.
The relative strength index (RSI) is on an upward trend but still in the lower half of the neutral range. However, the indicator has improved its score to index 42, and its steep upwards curve indicates a solid buying activity in the market.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis shows the coin has turned bullish as the price has continuously risen for 12 hours, which is a hopeful sign after a long correction. However, the overall bearish pressure is still there, so the selling pressure may pile on, with a possible correction in the coming hours. The price has increased to $48.9 currently.
The Bollinger bands’ volatility indicator still shows high volatility, but it also shows signs of convergence, with its upper band at $54, the mean average at $50, and the lower band at $45. The price is trading between the lower band and the mean average line of the indicator. The moving average is trading at $48.2, and the RSI is on an upwards curve at index 42 on the 4-hour chart indicating the buying activity, but it also hints at the resistance from the bearish side as the curve has been diverted from the steep upwards movement.
Litecoin price analysis conclusion
The Litecoin price analysis favors the bulls today as the bullish momentum is quite overwhelming, putting the bears on defense. LTC/USD is expected to make up more gains today, but a correction may also start if selling pressure returns. However, the coin has gained good value and has recovered to $48.9.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-07-13/