Litecoin price analysis reveals that the coin is in a bullish trend and has made significant gains in the last 24 hours. The coin is currently trading at $54.55 and is facing rejection at $54.88, break above this level can result in prices testing the $57 level. The support levels are $51.77; a break below this level can push prices toward the $ 50 level.
Cryptocurrency is up by a total of 5 percent over the past 24 hours and is currently trading above the $54 level. The coin was in a consolidation phase between $51- $52 but bulls managed to push prices higher as the week started. The market capitalization has risen to $3.85 billion, and the 24-hour trading volume is at $543 million.
LTC/USD daily price chart analysis: LTC/USD trades at $54.55 after a bullish run
The daily Litecoin price analysis shows that the coin is currently in a bullish trend as it has made higher highs and higher lows. The coin has recently faced rejection at $54.88 levels but found support at $51.77. The bears are fighting hard to keep the prices below $54, but the bulls have the upper hand as they push prices higher.
The RSI is currently trading at 60 levels, which indicates that the market is in bullish momentum. However, since the RSI is approaching the overbought region, we might see a pullback in prices. The exponential moving averages are all stacked in favor of the bulls as the 50 EMA is currently providing support at $51.02 and the 200 EMA is at $50.56. The MACD indicator line (blue) is currently trading above the signal line (red) which is a bullish sign. This pattern generally leads to a breakout on the upside, which can result in prices testing $57 levels in the near term.
Litecoin price analysis on a 4-hour price chart: Recent developments and further technical indications
The 4-hour Litecoin price analysis shows that the bulls are in control as the market is in an uptrend the bulls have been maintaining their lead quite efficiently. Although the bulls managed to upgrade coin value in the earlier hours of the day, the price has slipped a bit and is currently trading at the $54.67 mark. The LTC/USD pair is trading between strong support at $51.77 and a resistance at $54.88 levels, as seen in the technical indicators.
The RSI indicator line is moving around 63 levels, which shows that the market is in favor of the bulls. However, if the price breaks out of the current range, we might see an upsurge in prices. The EMA’s are giving a mixed signal as the 50 EMA is providing resistance at $54.02 and the 200 EMA is at $50.56. The MACD indicator line is currently trading below the signal line, which is a bearish sign but might change in the near future.
Litecoin price analysis conclusion
LTC/USD is in a bullish trend from Litecoin price analysis, it is evident that the coin is in a bullish trend as the market indicators are all giving positive signals. The coin has made significant gains and is currently trading at $54.67. The support levels are $51.77 and the resistance levels are $54.88. The one-day and four-hour charts show that the market is in an uptrend and that the bulls are in control and further gains are expected.
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Source: https://www.cryptopolitan.com/litecoin-price-analysis-2022-07-08/