Litecoin price analysis indicates a bullish market trend whereby bulls have been trying to push the prices past the $62 level over the last 24 hours. However, the number of buyers seems to have reduced as the prices are trading below $65.33.The LTC market trend is bullish as the prices are testing the ascending channel’s upper limit. The bulls seem to be in control of the market as the prices are testing the $65.33 resistance level.
Litecoin price analysis shows in the past few hours LTC prices have seen crucial trading between the $62-65 levels with both the bulls and the bears trying to take control of the market. The bulls have been successful in pushing the prices higher but have not been able to sustain the momentum as the prices are currently trading below $65.33. The trading volume for LTC prices is currently at $576,595,028.59 while the market cap is $4,423,217,808.17.The digital asset is currently ranked in position 20 overall and dominates 0.36 percent of the entire cryptocurrency market.
LTC/USD price analysis: Technical analysis
Recent Litecoin price analysis indicates LTC prices have been trading in an undecisive market trend in the last one week, with bears and bulls taking control of the market at different intervals. The prices have been able to trade above and below the $62 level and bulls have gained momentum with prices increasing by 2.28 percent.
The digital asset is trading below the 21-day and 50-day moving averages which is a sign that the market is in a bearish trend zone. The RSI indicator is currently at 40.01 and this indicates that the prices have room to move higher as the market is currently in the oversold region. The MACD is also in the bearish zone as the signal line is above the histogram.
The digital asset is currently trading at $62.84 and if the bulls can push the prices above $65, there is a possibility that Litecoin prices will resume the uptrend and continue to rally towards the $70 level. However, if the sellers take control of the market, Litecoin prices will fall towards the $60 support level.
The market volatility is currently increasing according to the daily chart as the prices fluctuate between $62 and $65.The volatility of the market is currently low, which is a sign that the market is indecisive as indicated by the Bollinger Bands. The Bollinger bands are contracting which is a sign that the market is consolidating.
Litecoin price action on a 4-hour timeframe: Bullish pennant pattern
The LTC market is currently forming a bullish pennant pattern which is a continuation pattern. This indicates that the market is likely to continue the uptrend as the bulls take control of the market. The recent market trend has been bullish for the past 4-hours and it is likely the prices are preparing to continue the uptrend.
The pennant has a target of $66 which is the upper limit of the ascending channel. The stop loss for this trade is placed at $61 as this is the level where the breakout occurred. The market is currently in an upward trend as indicated by the moving averages which are all above the candlesticks.
The Moving average convergence divergence (MACD) indicator is in the bullish zone as the signal line is above the histogram. The RSI indicator is currently at 59 which indicates that there is room for prices to move higher as the market is not yet overbought. The selling action has been increasing over the past few days as the market corrects higher. However, the bulls seem to be in control of the market as they push prices towards $65.
The volatility in the LTC market is currently low as indicated by the Bollinger bands. The prices are trading close to the upper band which indicates that there is room for prices to move higher in the near term.
Litecoin price analysis conclusion
From the Litecoin price analysis, it can be concluded that Litecoin prices are likely to resume the uptrend as the market is forming a bullish pennant pattern. 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.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-06-08/