Litecoin price analysis shows a bullish signal today as the price rises above the $67.97 mark and has increased by over 2.22 percent for the past 24 hours. Since the start of today, the bulls have been in charge of the market after hitting a support level at $66.35 and a resistance level at $68.33, which is likely to rise higher toward $68. Cryptocurrency’s market capitalization is at $4,890,640,431, and its 24-hour trading volume is $288,176,069. At the moment, the digital asset holds the 14th spot in the overall market.
Litecoin price analysis on a 24-hour price chart
The 1-day Litecoin price analysis shows that this is also in favor of the bulls because the price had an upward breakout and the bulls displayed strong power to keep the levels above $67. The trend line for Litecoin price analysis on this chart also shows the formation of bullish sentiment, and the LTC is now trading at $67.97. The upper limit of Bollinger’s band is present at $76.2300, which serves as a resistance point for LTC. Conversely, the lower limit of Bollinger’s band is currently at $60.4095, which serves as another support point for LTC.
The Relative Strength Indicator (RSI) is currently at 42.95, below the 50-level, indicating that the market has slightly increased and that the bulls are still in control of the market. The MA50 is currently at 60.4095, and the MA200 is at 67.6327, which indicates that the market is in a bullish mood.
LTC/USD on 4-hour price chart: Latest development
Looking at the hourly price trend shows that the market is still in upward momentum. Since there is resistance at $68.33 and support is currently at $66.35, the market has been trading at $67.97 for the past four hours. It is anticipated to rise higher as long as the bulls are in charge.
The Relative Strength Indicator is at 47.82 and is moving into overbought territory, which indicates that the coin is currently in bullish momentum. The 50-day simple moving average is currently at $5.31, and the 200-day simple moving average is at $5.29, which indicates that the market is in a long-term uptrend. The volatility is on the lower side on the 4-hour price chart, as its upper value is present at the $68.3965 limit and its lower value is at the $65.865 position. The Bollinger bands are maintaining the average value at $67.318.
Litecoin price analysis conclusion
To conclude, Litecoin price analysis shows that the bulls have established their dominance, and they may soon seize control of the market for the long term as the market exhibits great signals of any shift, indicating that the market is in a strong upswing. Indicators on the hourly and daily charts both indicate a positive trend, which might cause prices to rebound to the $67.97 level.
Source: https://www.cryptopolitan.com/litecoin-price-analysis2022-12-31/