litecoin price and analysis
Litecoin's price soars by 7.40%
Firm resistance is present at $62.00
Litecoin's worth analysis indicates the digital asset is during a firm uptrend once with success breaking out of its key resistance levels of $55 and $58. The digital asset is presently trading at $60.17, a 7.40% increase within the last twenty-four hours.LTC/USD bulls seem to own firm management over the market, with strong support at around $55.0 and resistance at $62.00.
The Fibonacci Retracement indicator also shows that Litecoin’s price is presently within the 61.8% retracement zone, indicating a robust trend toward the $62.00 resistance level. However, LTC/USD could face resistance at this level because it coincides with the 200-day moving average line.
LTC is presently trying to break out of the recent turmoil that has been seen within the overall market. This uptrend could continue as bullish sentiment and buying for pressure stay sturdy, with the Relative Strength Index also indicating that LTC is presently in overbought territory.
The 4-hour chart analysis shows LTC fashioned a bullish pennant pattern, with the digital asset success breaking out of it to continue its uptrend. The MACD indicator also shows bullish momentum because it moves on top of the signal line.
The market volatility for the LTC/USD pair has remained high within the last four hours as a major price amendment has been seen. The Bollinger bands on the 4-hour chart are presently wide, indicating high levels of volatility. this means that LTC/USD could still see substantial price movements shortly.
LTC price analysis on the daily chart indicates LTC stone-broke out of its key resistance level at $55.00, with the digital asset presently trading on top of this level. The RSI also indicates LTC/USD to be in overbought territory, suggesting that a possible price correction could occur.
Litecoin’s current price analysis suggests that the digital asset can continue its bullish run toward $62.The Bears would possibly arrange to push back; but, the bulls appear to own firm control over the market at the instant. It remains to be seen if LTC can continue on its uptrend or if a correction can occur within the near future.
