Litecoin price analysis shows that the LTC/USD pair has gained momentum and is currently trading at $56.67. The support for the Litecoin price is at $54.28, and the prices are facing rejection at $57.42. There is a possibility that the Litecoin prices may retest the $57.42 levels in the near term. Nevertheless, the overall trend is bullish, and the prices are expected to continue rising in the coming days.
The LTC prices have been on a tear lately and have gained over 2.20 percent in the last 24 hours. The market capitalization of Litecoin has also surged and is currently standing at $3.62 billion. The 24-hour trading volume of Litecoin is recorded at $600 million.
LTC/USD 4-hour price chart: Bulls stumble to keep control
On the 4-hour chart, Litecoin price analysis has formed a bullish pennant pattern. The pennant is a continuation pattern that usually forms during an uptrend. The LTC prices are currently trading near the upper end of the pennant pattern, and a breakout above $57.42 would confirm the continuation of the uptrend. The next target for the bulls would be $61.00.
The moving average convergence divergence (MACD) indicator is placed in the bullish territory, and the Relative Strength Index (RSI) is also above 50 levels, which indicates that the bulls are in control.
The upper end of the Bollinger Band is also placed at $57.42, which is acting as a resistance to the LTC prices, while the lower end is placed at $54.28, which is acting as a support. On the downside, if the LTC prices break below $54.28, the next level of support would be at $50.00.
LTC/USD daily price chart analysis: LTC Prices in a bullish trend
Litecoin price analysis is in a bullish trend on the daily chart. The prices have broken out of the descending triangle pattern, and the next target for the bulls would be $61.00. The MACD indicator is placed in bullish territory, but it is losing momentum, which indicates that the bears are trying to make a comeback.
The RSI indicator is currently at 62 levels, which indicates that the prices may correct lower in the near term. The both upper and lower Bolinger Bands are both moving higher, which indicates that the bulls are in control.
Litecoin price analysis conclusion
Overall, Litecoin prices are in a bullish trend and are expected to continue rising in the near term. Both 1-day and 4-hour charts suggest that the bulls are losing some momentum, which indicates that the prices may correct lower in the near term. The technical indicators on the daily chart are suggesting that the bulls are in control. However, on the 4-hour chart, indicators are painting a bearish picture. Therefore, it would be prudent to wait for some confirmation before entering any positions.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-08-23/