•LTD/USD is currently priced at $55.95 and has increased by 2.33% over the past day
•The trading volumes have increased by 37.74% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: Is this the end of the uptrend for Litecoin?
The Litecoin price today is $55.95 USD with a 24-hour trading volume of $694,621,007 USD. Litecoin is up 2.33% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.1736 for the altcoin.
The bears have been cooling their heals for the better part of the past week but made their presence felt yesterday afternoon. Litecoin price is currently transacting above the 20,50 SMA on the four hour chart but if the bears are able to grab a foothold in the market, the sentiment could change regarding the altcoin. They would look to target the crucial support level placed at $50 in order to flip the sentiment regarding the altcoin. On the other hand, the resistance for the altcoin resides at $60 in the event of the bulls continuing to go about their merry ways.
Long Term View for Litecoin Price
The RSI for Litecoin is currently transacting at 57.33 as the asset looks on the right path to enter the overbought territory. The MACD indicator is also bullish as it shows the green histograms continually increasing in size on the daily chart. Moreover, the MACD and signal lines continue to transact in the positive zone which reinforces the bullish stance.
Conclusion
Litecoin price analysis is one that projects a possibility of the bears trying to stage a coup in the upcoming days. Hence the bulls need to be vigilant in their endeavors in order to keep up the pace.
Support: $50
Resistance: $60
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/10/31/ltc-price-analysis-will-the-litecoin-bears-be-able-to-make-an-incursion/