Recent Litecoin price analysis shows a bullish trend in the market as the price of Litecoin surged to $55.22. The coin is presently trading at this price after correcting from the intraday high of $56.57. The cryptocurrency had been on a consolidation spree between the levels of $51.64 and $54.05 over the past three days. The Litecoin price finally managed to break out of this range to the upside today.
The bulls were in control of the market as they pushed the price up from the opening value of $54.05 to the intraday high of $56.57. The Litecoin price is currently facing rejection at this level as it looks to retrace back below $56.
LTC/USD 1-day price chart: Price shows bullish strength after returning to $55.22
The 24-hour Litecoin price analysis is up by 4.17%. The 24-hour trading volume is at $470,685,845 and the total market capitalization is at $3,930,917,182. The Upper Bollinger Band has expanded to indicate an increase in volatility while the price is trading close to the middle line of the Bollinger Bands.
The market indicators are mostly giving bullish signals at the moment. The MACD shows increasing bullish momentum as it forms a histogram above the signal line and enters the positive territory. The RSI indicator is also heading north as it breaches level 60 to show increasing buying pressure in the market.
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 $54.05. 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 4-hour MACD line (blue) is above the signal line (red) and close to entering the positive territory. This shows that bullish momentum is increasing in the market as prices continue to move higher. The RSI indicator is currently at 63, which indicates that the market has room to move higher in the near term. The Upper Bollinger Band is at $57 while the lower Bollinger Band is at $53.5, which shows that prices are trading close to the middle line of the Bollinger Bands.
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-2022-08-30/