By Nathan Ferguson
- Litecoin’s outlook revealed bullish tendencies.
- LTC has resistance at $58.9.
- The support level stands at $50.6.
Litecoin’s price analysis shows bullishness with brief price increases. The alternative token enjoyed an impressive run-up over the past week, recording quick price recoveries. However, the trend-line gradually turns downsides as bears show strength. However, bulls confirmed their position today, catalyzing a brief uptick. Nevertheless, the bearish vigor still overwhelms the altcoin as the price function might witness a trend change at any time.
LTC/USD 1Day Timeframe
The daily LTC chart analysis highlights price increases today as bulls perform to their capacity amidst the ongoing situation, pushing prices to $56.6. Still, the alternative token dropped 2.70% within the past day. Nevertheless, Litecoin recorded a 10.18% value increase over the previous week, following impressive bullish trends. The trading volume noted a 2.4% increase today, whereas LTC’s market dominance hovers at 0.38%.
The volatility remains somewhat high as BBs expand slowly, with the upper band representing resistance at $59.97, while the lower one stands as LTC’s sturdy support at $46.58. Finally, the RSI (Relative Strength Index) improved today, climbing to 54 on a relatively upside curve. That confirms buying tendencies within the market. Also, the MA readjusted around $56.44, beneath the price, after maintaining upsides.
Further Technicals and Latest Developments
The 4hr chart shows continued upside for Litecoin as the alt touched $56.62 following today’s ‘steady’ bullishness. Nevertheless, further scrutinizing showed the alt has been retracing within the past hour. Extending these developments would see the asset shifting to bearish trends.
The MA on the 4hr chart stands at $57.20, while the BBs average hovers at $57.48, beyond the moving average. Also, the Bollinger Bands reflect increased volatility while exhibiting divergence signals. The volatility indicator’s upper limit stood at $60, whereas the lower hovered at $54.86. Meanwhile, the lower band flashes more downside actions as the upper one keeps its spot.
Final Thought
Litecoin’s price outlook indicates a bullish bias, though the momentum isn’t solid. The downward tendencies seen on the hourly timeframe might extend. We can expect a move in any direction by LTC from its current price level.