Litecoin price analysis for today shows that the coin is on a bullish trend after it surged to $57.24. The Litecoin price had been on a downtrend before it found support and started rallying upwards. The market surged to highs of $57.24 before it started retracing. The current market retracement looks like a healthy pullback that could see the LTC price resume its upward trend. On the downside, support is present at $53.85 while resistance is at $58.10.
Litecoin price analysis on a 1-day price chart: LTC/USD makes another jump high
The 1-day Litecoin price analysis shows the price movement has been upward for the last 24 hours. The Coin has gained over 6.22 percent in value at the time of writing this report. The market capitalization is now at $4,071,385,605 while the trading volume over a 24-hour period is at $545,070,185. The total market supply is at 62,986,855 LTC.
The volatility in the market has been high in the last 24 hours as the Bollinger Bands have expanded. This is an indication that there is more price fluctuation to be expected in the market. The Relativistic Strength Index period 14 is presently at level 59 which is in the overbought region of the market. This means that the market has room to move higher as bulls take control of the market. The MACD indicator is presently in the bullish region as the MACD line (blue) is above the signal line.
LTC/USD 4-hour price chart: Litecoin consolidates around $57.24
The 4-hour Litecoin price analysis shows that the price breakout was upwards at the start of today’s trading session, and since then, bulls have been showing momentum by heightening the price continuously. The price trend line has been upward for the last 4 hours, and it is presently trading around $57.24.
The Relative Strength Index on a 4-hour price chart is at level 65 which is the overbought region. This means that there might be a slight price pullback as the market corrects for the recent gains. The MACD indicator is presently in the bullish region as the MACD line (blue) is above the signal line. The upper Bollinger Band has been horizontal for the last 4 hours, and it is presently around $58.10. The lower Bollinger Band is around $53.85 which acts as a support level for the market.
Litecoin price analysis conclusion
To conclude, Litecoin price analysis shows that the market is on an up trend as bulls take control of the market. The market may see a slight price pullback as it corrects for the recent gains. Bears might take control of the market and push prices lower if they can break below the support at $53.85, but if they fail to do so, the Litecoin price is likely to resume its upward trend.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-09-08/