Litecoin price analysis is bullish today, with prices rising above $68.14 The cryptocurrency had found support at $65.90 yesterday and is now seeking to continue its bullish momentum. Litecoin price analysis reveals that the cryptocurrency has been on a tear over the past few days as it looks to continue its bullish trend. After finding support at $65.90, and facing resistance at$69.56. Litecoin prices have now managed to break out and are currently trading at $68.14.
The bullish move comes as the cryptocurrency market continues to show signs of life after a weeks-long period of sideways trading. With Bitcoin prices also on the rise, it seems that Litecoin is following suit and is looking to continue its upward momentum. The next level of resistance for Litecoin prices will be at $69.56, and a breakout above this level could see prices target the $70 mark. However, if prices fail to break out and instead reverse course, the $65.90 support level will be crucial in preventing a further decline.
Litecoin price movement in the last 24 hours: LTC/USD facing resistance at $69.56
The 1-day Litecoin price chart shows that the cryptocurrency has been in a strong uptrend over the last 24-hours as it looks to continue its bullish momentum. After finding support at $65.90, Litecoin prices have taken control and pushed the prices up to $68.14 and resistance for the coin is at $69.56.Bears have so far been unable to push prices lower, and a breakout above $69.56 could see Litecoin prices target the $70 mark.
The Moving Average Convergence Divergence (MACD) on the 1-day chart is currently in the bullish zone and is rising. This indicates that the bullish trend is likely to continue in the short term. The Relative Strength Index (RSI) is currently above the 50 levels and is rising, which also points to a continued bullish trend. The MA50 and MA200 are both rising, indicating that the bulls are in control of the market.
Litecoin price action on the 4-hour price chart: Bulls seem to have firm control of the LTC prices
The 4-hour Litecoin price chart shows that the cryptocurrency has found support at $65.90 and is now trading at $68.14 as it looks to continue its upward momentum. After breaking out of the ascending triangle pattern, Litecoin prices have taken control and are currently facing resistance at $69.56.
The technical indicator on the 4-hour price chart, they are showing a strong bullish trend. The MACD is above the signal line and is rising, indicating that the bullish trend is likely to continue. The RSI is currently above the 50 levels and is rising, which points to a continued bullish trend. The MA50 and MA200 are moving above the price, indicating that the bulls are in control.
Litecoin price analysis conclusion
Concluding on the Litecoin price analysis, we can see that the digital asset is currently testing a crucial resistance level at $69.56. If the prices can move beyond this level, we can expect a bullish surge in prices with the next target being set at $70. The current bullish trend is expected to prevail if the buyers can maintain the prices above the $65.90 support level in the near term. The current positive market sentiment may be attributed to the overall surge in cryptocurrencies as Bitcoin prices have also been on the rise.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-05-31/