Litecoin (LTC) price analysis shows that the bulls have taken control of the market after a successful breakout above the descending trendline. The Litecoin price is currently trading at $53.64, which is close to the intraday highs of $53.85. Litecoin will continue rising if it trades above the $50 level.
The Litecoin price is likely to face resistance at the $65 level. This is a key psychological level, and the bulls are likely to take a breather around this level. However, if the bulls can push the Litecoin price above the $65 level, it will likely move towards the $70 level.
On the downside, the Litecoin price will likely find support at $50. This is a key level to watch out for as it has served as both resistance and support over the past few days. If the Litecoin price fails to hold above this level, it will likely resume its downtrend.
The cryptocurrency heat map is mostly green today. Bitcoin is up 1% in the last 24 hours. Ethereum is also green, with a 1.2% increase to $1,357. Ripple’s XRP is up 3% at $0.40, and Bitcoin Cash is up 1.4% to $114. Like most of the market, Litecoin is up 3% against the dollar to $53. despite the positive trend in the overall market, Litecoin is still in a bearish trend against BTC.
Litecoin price movement in the last 24 hours: LTC/USD up by over 3%
In the last 24 hours, Litecoin has traded between $50.50 and $53.87. The daily volume has been around $535 million, with a market capitalization of $3,1 billion.
Source: TradingViewThe Bollinger bands are wide on the daily chart, and the price has touched the higher band of the Bollinger bands indicating that the price is overbought in the short term, and we might see a bearish reversal soon.
LTC 4-hour price analysis: Bullish winds blows
On the 4-hour price chart, the Litecoin price has formed a descending triangle pattern. The LTC/USD pair is trading near the $61.00 level, just below the key resistance area of $62.00.
Source: TradingViewThe death cross is a bearish technical indicator created when the 50-day moving average exceeds the 200-day moving average. This crossover indicates that the long-term trend has turned bearish.
The MACD indicator has crossed over the red signal line indicating a bullish trend. The RSI indicator slows upwards, indicating that the bulls are in control. This suggests that the price of Litecoin is likely to continue rising in the short term.
Litecoin price analysis: Conclusion
The Litecoin price has been downtrend since the beginning of this year. However, it seems to have found a bottom at around $40 and has been slowly moving up since then. The recent rally has taken the price above the $50 mark, and it looks like the bulls are in control now. The next level to watch out for is $65, a key resistance level. If the price can break out above this level, it could start a new uptrend.
