Today’s examination of the price of Litecoin(LTC) reveals that prices have been in a bullish trend for the last 24 hours. Prices are currently encountering resistance around $54.17 after trading above the $51.97 support level. Prior to the market’s significant correction yesterday, prices had fallen to lows of $51.97. With prices anticipated to keep increasing to new highs, the market is now in a positive trend. Prices fell to a low of $52.56 at the start of the daily trading session before rising to a high of $54.17.
The market is expected to show an increase in price in the future, with prices expected to retrace to their all-time highs of above $53. With a $3.81 billion market cap and $389 million in trading volume over the last day, the digital asset is ranked 20th on the CoinMarketCap list.
Litecoin price analysis indicates that the digital currency reached a 24-hour high of $53.50 while gaining 2.46 percent. A short-term ascending trendline that Litecoin has created is currently offering solid support close to the $51.97 level. If any bearish pressure is applied, the price may retrace its steps from this support level.
The price has increased to levels that are close to the Moving Average (MA) value, which is $52.03. Given that the prices are trading well above the 50-day MA and 200-day MA curves, the LTC/USD price appears to be crossing over the moving average curve.Â
The Moving Average Convergence Divergence (MACD) indicator is currently in a positive zone, and the signal line is advancing upward and crossing over the MACD line. This indicates that the current buying sentiment in the market is probably here to stay for the foreseeable future. The market is neither overbought nor oversold at this time, according to Litecoin’s RSI indicator, which is currently at 44.72. This suggests that short-term price pressure may come from the selling side. Presently, the upward-moving MA indicator curves suggest a bullish market trend.
Litecoin market analysis shows that LTC has shifted to the bullish, where the bulls are taking control of the market. The market is recuperating from the recent crypto market crash that was observed the previous week, and it is anticipated that it will soon resume its upward path. Before any additional upward potential in the market can be anticipated, the prices first need to consolidate above the $54 mark.
