Litecoin price analysis shows that the bulls have taken control of the LTC/USD pair after a brief correction period. The price is currently trading above the $51.00 level and is set to continue higher soon. A considerable rise in coin value was detected throughout the day, and the bullish momentum has placed LTC as one of the early recoverers of today’s market crash.
The support for the LTC/USD pair is seen at the $50.72 level, and the bulls are currently aiming for a breakout above the $51.96 resistance level. A bullish continuation could see the price reach highs of $51.96 in the near term. The 24-hour trading volume for LTC is $283 million, and the coin is currently changing hands at $51.71 while the market cap is at $3.69 billion.
LTC/USD 1-day price chart: Litecoin recovers after dipping low
The one-day Litecoin price analysis confirms a strong bullish trend for the day. The bulls have controlled the market throughout the day as the price has broken above the $51.96 resistance in the past few hours. More profit seems to be on its way for Litecoin buyers as the price just reached the $51.71 high, gaining more than 0.61 percent value. Further chances of revival seem close as the buyers persistently put in efforts. Moreover, the daily price chart’s moving average (MA) value is $51.42.
The Bollinger bands are converging sharply, showing a decrease in volatility, but the low and high swings of today’s price action might push the indicator to diverge again. Meanwhile, the upper Bollinger band shows a $51.96 value, representing the strongest resistance, whereas the lower Bollinger band displays a $50.72 value, representing the strongest support. Lastly, the Relative Strength Index (RSI) index just reached index43.61 due to the recent upturn in price.
LTC/USD 4-hour chart: Price sinks down to $51.71
The hourly Litecoin price analysis is in favor of the bulls as well, as the coin, after dipping down to $50.72, has rallied toward $51.96. All the recovery has been made during the last eight hours as the bulls have made a successful return and have helped Litecoin be the highest gainer among the top 100 cryptocurrencies. This is rather encouraging news for the buyers, as the bears were progressing swiftly in the earlier hours. Furthermore, if we discuss the Moving Average value as present in the four-hour price chart, it is standing at $51.44.
The upper value of the Bollinger bands indicator settles at $51.93, whereas its lower value is set at $50.44. The price has rallied from below the bottom of the Bollinger bands toward the upper limit of the indicator. The RSI index has also come quite high because of the bullish wave and is present at index 49.09 due to the strong buying momentum, but now the curve is settling horizontally, hinting at a slowdown in the buying activity.
Litecoin price analysis conclusion
Overall, the Litecoin price analysis for today shows that the coin has recovered from the earlier dip and is currently trading with a bullish bias. The bulls are aiming to break past the $51.96 resistance, and if successful, LTC might target highs of 51.96 in the near future. The bears also might make a return soon as the buying activity seems to have slowed down.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-10-20/