Recent Litecoin price analysis reveals the LTC/USD is highly bullish today as it receives exceptional positive sentiment from the market. The bulls are on the march towards attempting a new record high as the price has already reached $62.64, and the all-time high happens to be at $63.74, which is the resistance level for the crypto pair. The price movement was slow at the start of today’s session but has got momentum during the last five hours, as it shot up quite fast.
LTC/USD 1-day price chart: Bulls aiming for a new record high
The 1-day price chart for Litecoin price analysis shows price has increased significantly as bulls covered a range from $54.75 to $63.74 today, and the pair is trading hands at $62.64 to be exact at the time of writing. LTC/USD gained more than 15.24 percent value over the last 24 hours and about 1.62 percent value if observed over the course of the last hour, With the trading volume being above $1.56 billion at the time of writing, and a market cap of $3.77 billion.
The volatility is still high for LTC/USD as the upper Bollinger band is at the $69.92 mark, and the lower band is at the $47.88 mark. The breakout of the indicator seems to be upward, which shows good prospects for the price in the coming days.
The relative strength index (RSI) has reached the overbought limit as it is present at index 61.95, just above the borderline of the neutral zone. The Moving average indicator on the 24-hour chart is currently at the $62.92 mark, and the price is at $62.64, which shows that LTC/USD will continue to rise in the near future.
Litecoin price analysis: Recent developments and further technical indications
The 4-hour Litecoin price analysis shows a constant uptrend in the price for the last few hours, with the price covering most of the range in the last hour, when it went up steeply above the resistance of the upper Bollinger band, converting it into a support for the coming hours.
The Bollinger bands formed a bullish pennant for LTC/USD, which has been broken out of as the price gained momentum in the last few hours. The RSI is at 42.02, also above the overbought line, and it may decrease a bit before increasing again to signal a new bullish trend. The Moving average indicator on the 4-hour chart is currently showing a green bullish crossover that indicates further upward movement in the price.
Litecoin price analysis: conclusion
The Litecoin price analysis suggests as most of the technical indications are also in favor of the buying decisions for LTC/USD, but selling pressure can kick in at any time as the price has almost reached near an all-time high. The bullish trend is likely to continue if the resistance at $63.74 is properly breached and the price holds above $62.64 in the coming days. However, traders should take cautious decisions while buying or selling LTC/USD and always use stop losses to minimize loss if a sudden bearish trend occurs.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-11-11/