The Litecoin price analysis reveals bullish momentum. The LTC/USD price has dramatically increased today, rising from $91.15 to trade at $94.63 as of this writing. LTC bulls are successfully retaining their advantage and persisting in their efforts to push the price above $94.74 for a second time.
Before the present bullish momentum, bears restricted price growth because the coin was unable to surpass the $89.90 barrier until January 26, 2023. Bulls were able to scale the fence, though, by recouping their losses. Over the past 24 hours, the LTC/USD has increased in value by more than 4.50 percent, and if we take the recent week into account, the increase in value has reached more than 5.40 percent.
LTC/USD 1-day price chart: Bulls awaiting no chances for the up climb
Bulls are consistently driving the price higher, according to the 1-day price chart for Litecoin price analysis. The price of LTC saw a fall yesterday, but today it has risen over the upper line of the Bollinger bands. This may cause volatility to increase further, but the recent upward momentum has given the coin’s value strong support.
The upper and lower Bollinger bands are both present at the $94 and $82 marks, respectively, with the mean average of both bands developing at the $88.34 mark below the price level. The volatility is rising as the Bollinger bands are expanding. What stands out is that the $94.19 level was also a major resistance level that was overtaken.
Since December 28, 2022, the relative strength index (RSI) has been in the upper half of the neutral zone, and is present at index 64 right now. At times, the RSI has been close to the overbought zone and is currently rising back towards it.
Litecoin price analysis: Recent developments and further technical indicaions
The bullish momentum is further supported by the 4-hour price chart for Litecoin price analysis as bulls have made strong headway, but selling pressure is also present at the current price level as bearish resistance is also starting to materialize. Bears are currently attempting to seize the price movement.
The Bollinger bands show expansion at both ends, with the higher end at $98 above the price level representing the resistance and the lower end at $88, representing the support, making an average of $93. This indicates that the volatility is significant. The indicator indicates further potential for additional bullish practise. The relative strength indicator (RSI), which has decreased during the most recent hours and is currently at 57, confirms the market’s selling pressure.
Litecoin price analysis: Conclusion
The larger price increase seen at the beginning of today’s trading session, according to the Litecoin price analysis, shows that the correction may continue in the hours to come. However, after a little drop, we anticipate a surge in LTC/USD.
Source: https://www.cryptopolitan.com/litecoin-price-analysis-2023-01-31/