Bulls step in as LTC/USD approaches key resistance of $45.0

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Cryptocurrency heat map, Source: Coin360

Litecoin price analysis shows the Litecoin market has been in a bullish trend lately as the prices have been rising steadily. The current support for LTC prices is at $40.0 while the strongest resistance is seen at $48.0. In the past few days, there has been an increase in buying pressure which has pushed the prices up towards $45.0. The market is currently in a consolidation phase and it is expected to break out soon.

The market sentiment for Litecoin is currently bullish as the prices have been rising steadily. However, the market is currently in a consolidation phase and it is expected to break out soon. The coinmarketcap.com website shows that the market capitalization for Litecoin is currently at $2.78 billion. The 24-hour trading volume for the coin is $6.32 billion and the circulating supply is at 63,032,433 LTC. The Litecoin price is currently trading at $44.24 and is up by 3.85 percent.

Technical analysis for LTC/USD: Bullish momentum builds on a daily chart

Litecoin price analysis indicates the market is correcting higher from the $40.00 support area against the US Dollar. There is a key connecting bullish trend line forming with support near $42.50 on the same chart. the market is facing some buying action near the $43.50 and $44.00 levels. The recent low was formed near $40.48 before the market started an upward move. Immediate resistance is seen near the $45.00 level, above which prices are likely to resume their uptrend towards the $46.80 and $47.50 levels in the near term.

On the downside, there is a key connecting bullish trend line forming with support near $42.50 on the same chart. If there is a downside break below the trend line, the market could retest the $40.48 low in the short term. The main support is now seen near the $40.00 level, below which the market could test the $38.00 level in the near term.

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Litecoin price analysis: 24-hour chart. Source: Trading View

The technical indication shows the market is currently in a bullish momentum on the daily chart and could retest the $46.80 resistance level soon. The Moving averages are currently bullish on the daily chart as the 50-day MA is trending above the 200-day MA. The Relative Strength Index (RSI) for LTC/USD is currently near the 65 levels, with a slight bearish angle.

The MACD line is currently above the signal line on the daily chart, suggesting a bullish trend in the market. The Bollinger bands are currently showing an expansion in the market, suggesting a volatile market in the near term.

Litecoin price analysis on a 4-hour chart: Market faces strong resistance near $45.0

Litecoin price analysis shows the market is trading in a positive zone against the US Dollar and Bitcoin. The LTC/USD pair is currently consolidating above the $40.00 support area and it is facing a strong resistance near the $45.00 level. If there is a downside break below the $40.00 support, the market could test the $38.00 level in the near term.

The market volatility is gaining some heat as the Bollinger bands are expanding on the 4-hour chart. The RSI for LTC/USD is currently near the 60 levels with a slight bullish angle. Technical analysis suggests that the market could face some downside pressure if there is a break below the $40.00 support area in the near term.

image 227
Litecoin price analysis: 4-hour chart. Source: Trading View

The 50-day SMA is currently below the 200-day SMA, suggesting a bearish trend in the market. Bears may strike if there is a break below the $40.00 support area in the near term. However, bulls are likely to protect against further declines toward $38.00.The MACD line is currently above the signal line on the 4-hour chart, suggesting a bullish trend in the market.

Litecoin price analysis conclusion

Litecoin price analysis sums up that the market is currently correcting higher from the $40.00 support area against the US Dollar. The market will consolidate at this stage as long as it is trading below the $45.00 level. On the downside, a break below the $40.00 support could trigger some bearish moves in LTC/USD toward the $38.00 level in the near term. Bulls are likely to take control once the market breaks the $45.00 resistance level in the near term.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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