The latest Litecoin price analysis is strongly bullish as it shows the cryptocurrency price function is headed upward for today. The price of LTC/USD is going up as it has now touched $87.20. The trending line was downwards since yesterday evening, but today the trend has changed, and the bulls have been at the leading position throughout the day. The bulls might take the price even further to retest the $88.04 resistance.
Litecoin price analysis 1-day price chart: Bulls are aiming for a resistance level of $88.04
The 1-day Litecoin price analysis chart shows an increase in price after the bulls took over the market earlier afternoon. The previous day has been completely bearish, but the trend has been flipped today, and the bulls have made a strong comeback. The price has moved up to the $86.79 level after the bulls made a comeback today. The momentum is building up at a rather high pace, and the moving average (MA) value is at $85.21 below the price level, complementing the bullish momentum.
The volatility is increasing, and as a result, the Bollinger bands’ values have changed to the following figures; the upper band is now at $92.07 while the lower band is at $65.25. The Relative Strength Index (RSI) score has followed upward movement as well and has finally reached an index of 69.30 in the upper half of the neutral zone.
Litecoin price analysis 4-hour chart: Recent updates
The 4-hour Litecoin price analysis shows that the price has been bouncing between the $85.00 and $88.00 levels for most of the hours today. The buyers have been able to hold the support at $85.00, but have not been able to break through the resistance at $88.04. A breakout to the upside is needed in order for the bullish trend to continue.
The Volatility on the 4-hour chart is slowly decreasing, and the low volatility might signal a breakout either to the upside or downside. The Bollinger bands’ values have changed and the upper band is now at $88.88 while the lower band is at $85.25. The Moving average, on the other hand, is slightly below the price level at $86.37 and serves as strong support for the bullish trend. The RSI score is currently sitting comfortably in the upper half of the neutral zone at an index of 53.63.
Litecoin price analysis conclusion
To conclude the Litecoin price analysis, the bulls are starting to gain momentum again after a bearish trend yesterday. The price has increased up to the $86.79 mark, and it looks like the bulls have already taken back control of the market from the bears. A breakout towards the resistance level of $88.04 is needed for a bullish trend continuation in the future.
Source: https://www.cryptopolitan.com/litecoin-price-analysis-2023-01-17/