Litecoin price analysis indicates an increasing trend for the last 24-hour period, as the price is trading at $94.81, up 7.42%. Moreover, buying pressure is expected to continue pushing the LTC token even higher in the coming days. However, despite this bullish trend in the market, the LTC price still faces resistance at the $94.81 level, which is the next key level for Litecoin if bull pressure is to be maintained. The support level for the LTC token is currently at $94.81, which is expected to hold even if there are some minor dips in the market. The past few hours had observed a continuous bearish streak in the LTC market, but the buying spree has reversed that trend and brought bullish pressure back into the market.
Litecoin price analysis 1-day chart: Bulls take control as LTC makes highs of $94.81
The 1-day Litecoin price analysis confirms that the current buying pressure is strong and could continue pushing the LTC token up further. The trading volume is also relatively high at $477 million, which may result in a further bullish trend. At the same time, the market capitalization of Litecoin has also increased to $6.9 billion, which suggests that the buyers are still strong in the market. The overall sentiment remains positive, and traders are expecting the price to reach new highs in the coming days.
Looking at the technical indicators, the Moving Average Convergence Divergence (MACD) indicator is in the positive zone. The MACD line is trading above the signal line on the daily chart. The moving average value sits at $91.67, and the SMA 20 curve is traveling towards the SMA 50 curve and might cross over it in the coming hours, which will be a further bullish indication. The RSI is currently at 61.58, which indicates that the market is in an overbought zone.
LTC/USD 4-hour price chart: Bullish pressure captures the market after a strong buying spree
The 4-hour Litecoin price chart also indicates a bullish indication regarding today’s price movements. The price showed an upward inclination during the past 24 hours, and the candlestick closed at around $94.81, representing an increase of 7.42%. There is also a strong support level at the current price levels, which is expected to hold even if there are some short-term dips in the market.
The Relative Strength Index (RSI) is also bullish as it trades above the 50-level at $59.33 on the hourly chart. This suggests that there is still some buying pressure left in the market, and if this trend continues, then we could see further gains for LTC. The moving average is also bullish, as the 50-day and the 200-day are both trending above the current price. This suggests that the market is still in a strong uptrend. The MACD histogram further confirms the bullish sentiment in the market as the bar is currently in the green color, which indicates an increase in buying pressure.
Litecoin price analysis conclusion
To sum up, the Litecoin price analysis is still on an uptrend and will likely remain so for the coming days. Bulls have taken control of the LTC token with a massive buy-off, and this trend may continue if resistance levels are broken. The resistance levels are set at around $95.47, and the support levels are placed at $93.36, either of which could be broken shortly.