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LTC Price Analysis: Litecoin bears left looking over their shoulders as buyers prevail

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  • LTC/USD is currently priced at $63.77 and has increased by 4.04% over the past day
  • The trading volumes have increased by 25.73% over the past day 
  • The technical indicators suggest a positive outlook for the near term

Short Term View: Litecoin bulls consolidating their presence 

The Litecoin price today is $63.77 USD with a 24-hour trading volume of $349,246,773 USD. Litecoin is up 4.04% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.07725 for the altcoin.

Litecoin reached its all time high of $412.96 on May 10, 2021 and has been struggling to reclaim those levels ever since. The asset had been stuck in a bind for some time but is now showing signs of recovery, shown by Litecoin price currently transacting above the 20,50 SMA on the four hour chart. This suggests that the asset is in an uptrend and the bulls have the upper hand. The next level of resistance for the asset is placed at $66, and if Litecoin can break out and close above this level, it would open up the possibility of a move towards $70. On the downside, support is present at $60, and if the prices move below this level, it could lead to a sell-off.

Long Term View for Litecoin Price 

The green histograms are increasing in sizeon the daily Litecoin chart which suggests that the uptrend is picking up pace. The MACD line is leading the signal line by a wide margin, suggesting positive momentum at play in the market. Moreover, both the MACD and signal lines are transacting in the positive territory which bodes well for the future prospects of the coin. The RSI, on the other hand, is currently transacting at 61.69 and looks headed towards the overbought territory after the asset overcame significant resistance from the bears.

ALSO READ – Crypto Leaders Condemned The U.S Government on ‘Tornado Cash’ Takedown

Conclusion 

The technical indicators for Litecoin reflect an increase in buying pressure and project a potential bullish breakout. Hence, the Litecoin price is likely to continue increasing in the days ahead.

Support: $60-$55

Resistance: $66-$70

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

Nancy J. Allen

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