Analysis of the Litecoin price shows that the digital asset is in a strong uptrend after breaking through its key resistance levels at $55 and $58.
Litecoin is now worth $60.17, which is an increase of 7.40% in the last 24 hours. Bulls seem to have a firm grip on the LTC/USD market, with strong support around $55 and resistance at $62.
The Fibonacci Retracement indicator also shows that the price of Litecoin is currently in the 61.8% retracement zone, which shows a strong trend toward the $62.00 resistance level. But LTC/USD might run into trouble at this level because it is the same as the 200-day moving average line.
LTC is trying to get out of the recent chaos that has been happening on the market as a whole. This uptrend could keep going as long as bullish sentiment and buying pressure stays high. The Relative Strength Index also shows that LTC is in “overbought territory” right now.
The 4-hour chart analysis shows that LTC made a bullish pennant pattern and then broke out of it to continue its uptrend. As the MACD moves above the signal line, it also shows bullish momentum.
In the last four hours, there has been a big change in the price of the LTC/USD pair. This means that the market volatility has stayed high. On the 4-hour chart, the Bollinger bands are wide, which shows that there is a lot of volatility. This means that the price of LTC/USD could continue to change a lot in the near future.
LTC price analysis based on the daily chart shows that LTC broke through its key resistance level at $55.00 and is now trading above this level. The RSI also shows that LTC/USD is in “overbought” territory, which suggests that the price could drop.
Based on the current analysis of Litecoin’s price, it looks like the digital asset will keep going up until it reaches $62.
The Bears might try to fight back, but for now, it looks like the bulls are in charge of the market. It’s still too early to tell if LTC will keep going up or if there will be a correction soon.
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