TL; DR breakdown
- Litecoin rose another 4 percent to $ 152.37 in intraday trading
- The price rebounded from an initial drop to $ 142.80
- LTC has moved above the 20 and 50 day moving averages and is now targeting the 100 day MA resistance
Litecoin price analysis for the day suggests that the token will continue its uptrend that has already brought the price past the 20- and 50-day moving averages. Currently at $ 152.37, the LTC bulls are aiming to push the price towards the $ 166 resistance level to open new avenues for the token. Litecoin saw an early dip in the day that signaled an abrupt end to the positive run initiated yesterday. The price fell as low as $ 142.80 before bouncing back above the pivot at $ 151.23 around noon. The highest observed point was at $ 153.73 with trading volume declining slightly by about 4 percent.
The larger cryptocurrency market showed positive signs today as Bitcoin consolidated over $ 43,000, up 4 percent. Ethereum struggled back to climb 6 percent to just under $ 3,000 after an initial setback. Altcoins also saw gains, led by Terra’s 10 percent surge that kept the price above $ 37. Dogecoin, Ripple, Solana and Polkadot also each gained around 3 percent.
Litecoin Price Analysis: Cryptocurrency Heatmap. Source: Coin360
LTC / USD 24-hour chart: price movements above the 20- and 50-day MA
A trend reversal initiated yesterday can be seen on the 24-hour chart for the Litecoin price analysis, which has gained strength in the last 24 hours. The RSI is at 42, which suggests that the current boost still has room for momentum. The price moved above the 20- and 50-day simple moving averages (SMAs) yesterday and is now targeting the 100-day MA at $ 166, which is the resistance point for LTC. While the trend appears strong enough to gain momentum, the moving average convergence divergence line (MACD) is below the neutral zone, which represents a bearish outlook. Combined with the low RSI, it remains to be seen whether the push towards the USD 166 resistance will not materialize.
Litecoin price analysis: 24-hour chart. Source: trade view
LTC / USD 4-hour chart: bullish indicators in the short-term trend
The 4-hour chart for Litecoin shows monumental gains made during the past trading sessions in the form of a bullish engulfing pattern. The price rose from $ 142.31 to $ 154.58 during the day, and the RSI of 57.60 is representative of that. The LTC bulls will be looking at encouraging signs of near-term trading towards the next target of the $ 166 resistance. The MACD is also well outside the neutral zone, which suggests that there is a clear bullish pattern in the current trading session.
Litecoin price analysis: 4-hour chart. Source: trade view
Litecoin price analysis: conclusion
To sum up, the LTC bulls will be fairly pleased with the outcome of the intraday trading as the price goes above the $ 151 pivot. Technical indicators suggest there is still room for price gain to approach the next resistance level, but the near-term patterns are encouraging. It remains to be seen whether the bulls will be able to summon significant momentum to consolidate at the current level and take LTC from strength to strength. Current support is at $ 133.19 and resistance is at $ 166.16.
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