Litecoin price analysis confirms a bullish trend for the cryptocurrency, as the buying momentum has intensified. A green candlestick has appeared on the price chart, indicating a rise in the coin value after a bearish period of four consecutive days. If the bullish rally continues in the future, further improvement in LTC/USD value can be expected. The recent upturn has taken the price to $80.62, which is above the $80.16 support level.
LTC/USD 1-day price chart: Price recovers to $80.62 after bullish revival
The one-day Litecoin price analysis shows that the bullish momentum has recovered in the past 24 hours. Although the cryptocurrency faced a loss in the previous day, the bulls are now on their way toward achieving their next target. The short-term trending line is still traveling descendingly, and the price is now settling at the $80.62 mark. After the latest upturn, as the coin gained around 0.54 percent value today, the price crossed its moving average (MA) value which is at $77.68 but stepped below MA again just recently.
The SMA 50 curve is still traveling at a greater height than the SMA 20 curve, as the bears were overpowering the market trends in the earlier weeks. If we move towards the Bollinger bands indicator, then it shows high volatility for the crypto pair, the upper value is $83.08, and the lower value is the $62.49 mark. The Relative Strength Index (RSI) score has improved to index 60.08 after the bullish return, as previously, RSI was hovering above the borderline of the underbought zone.
Litecoin price analysis: Recent developments and further technical indications
The hourly price chart for Litecoin price analysis is going in a bullish direction at the moment as the price underwent a sufficient increase in the past few hours. However, during the entire day, bearish price action was seen. The market trend has changed as selling pressure is no longer present in the market. A further increase is possible if the bulls remain consistent. The moving average value is present at $81.24 above the current price level.
The volatility is gradually increasing in the market as the coin is moving near its upper Bollinger band value at $84.45, while the lower band is situated at $77.23. The RSI value has moved upward, as it is currently around the borderline of an overbought zone with a score of 62.95. Further improvement in LTC/USD value can be seen if the buyers sustain their present upturn and there are no major bearish crashes in the market.
Litecoin price analysis conclusion
Litecoin price analysis shows quite encouraging results for buyers today, as the price followed an upward trend. The coin value has been raised to $80.62 due to the latest bullish wave. The cryptocurrency is expected to head towards its next target of $83.48 resistance level if the uptrend continues in this manner.
Source: https://www.cryptopolitan.com/litecoin-price-analysis-2023-01-11/