Litecoin price analysis: Price up again as bullish momentum inflates to $58.58

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  • Litecoin price analysis shows a bullish trend
  • Support for LTC price is present at $55.23
  • LTC/USD prices are facing rejection at $60.30

Litecoin price analysis shows a bullish trend as the price of Litecoin has surged above the $58.00 resistance level. The LTC/USD pair is currently trading at $58.58, up 4.78% on the day. Resistance for the LTC/USD pair is present at $60.30. A break above this level would take the price to $62.00. The next major resistance level is at $64.00. On the downside, support for Litecoin’s price is present at $55.23. A break below this level could see the LTC/USD pair retesting the $50.00 level.

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Cryptocurrency price heatmap, Source: Coin360

The trading volume for Litecoin over the past 24 hours is $581,990,169, which is higher than the average trading volume over the past 7 days of $2.85 billion. The market cap for Litecoin is $4,101,734,659, making it the 7th largest cryptocurrency by market capitalization.

LTC/USD daily price chart analysis: LTC/USD trades at $58.58 after a bullish run

The one-day Litecoin price analysis chart shows that the LTC/USD pair is trading at $58.58 after a bullish run that saw prices surge from a low of $55.23 to a high of $60.30. The LTC/USD pair is currently facing rejection at the $60.30 level, which is the 23.6% Fibonacci retracement level of the move from the $50.00 low to the $64.00 high. A break below the $55.23 support level could see Litecoin’s price retesting the $50.00 level.

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LTC/USD 1-day price chart, Source: TradingView

The 24-hour Litecoin price chart shows that the EMA 50 and EMA 200 are both trending upwards, indicating that the bulls are in control. The MACD is also positive and is rising, indicating that the bulls have momentum. The RSI is currently at 66.48 and is rising, showing that Litecoin’s price is currently in an uptrend.

Litecoin price analysis on a 4-hour price chart: Recent development and further technical indications

The 4-hour Litecoin price chart shows that the LTC/USD pair has been in a consolidation phase for the last 4-hour as bulls try to push prices above the $60.00 resistance level. The market has been able to make higher highs and higher lows, indicating that the bulls are in control.

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LTC/USD 4-day price chart, Source: TradingView

The technical indicator, the Relative Strength Index (RSI), is currently at 63.79 and above the 50 level, which is a bullish sign. The MACD line (blue) is above the signal line (red), indicating that the bulls are in control. The 4-hour RSI is currently rising, which is a bullish sign. The EMA 50 and EMA 200 are moving above the price, which is a bullish sign.

Litecoin price analysis conclusion

From the above Litecoin price analysis, it can be concluded that the bulls are in control of the market and are looking to push the price higher. However, the bears are also starting to stir and may take control of the market if they push the price below $55.23. Litecoin price is determining the best time to buy or sell a cryptocurrency can be the difference between making a profit and losing money.

Source: cryptopolitan.com

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