Litecoin price analysis: Bullish momentum to continue as LTC hits $58.51

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Litecoin price analysis reveals that the LTC/USD price is currently in a bullish trend as it rallies to break out at $58.51 level. However, the cryptocurrency is facing rejection at $59.10 as the bulls seem to be losing momentum. Litecoin’s price started the day trading at $57.44 and has so far hit a high of $58.51 as the bulls continue to push the prices higher.

The price has increased by more than 2.32 in the last 24 hours and is currently trading at $58.21. The 24-hour trade volume has also increased marginally and is currently at $580 million. The market capitalization of Litecoin is currently at $4.12 billion, which is the 5th largest in the world.

LTC/USD 4-hour price chart: Latest developments

The 4-hour Litecoin price analysis shows that the price made higher highs and higher lows, which is a bullish trend. The cryptocurrency has recently broken out of the $58 resistance level and is currently trading at $58.51. However, the prices are facing rejection at the $59.10 level.

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LTC/USD 4-hour price chart. Source: TradingView

The LTC/USD is trading above the 50 simple moving average (SMA) and the 200 SMA, which indicates that the bulls are in control of the market. The Relative Strength Index (RSI) is currently at 63.83, which indicates that the prices are neither overbought nor oversold. The MACD indicator is also in the bullish territory, which indicates that the bulls have the upper hand.

Litecoin price analysis for 1-day

Litecoin price analysis reveals the market’s volatility following a breakout cryptocurrency has rallied to break out at $58.51 which means that the bullish momentum is still intact as the market looks to continue higher. The next level of resistance is at $59.10, and if Litecoin can break out and close above this level, it would open up the possibility of a move towards $60. On the downside, support is present at $56.59, and if the prices move below this level, it could lead to a sell-off.

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LTC/USD 1-day price chart. Source: TradingView

The MACD line blue line) is moving above the signal line (red line), indicating that the bulls are in control. The RSI indicator is trading above the 50 level, which indicates that the prices are neither overbought nor oversold. The market looks to be in a bullish trend as the 50 SMA is trading above the 200 SMA.

Litecoin price analysis conclusion

To conclude, Litecoin price analysis reveals the cryptocurrency follows an upward trend with much room for activity on the positive extreme. The market looks to be in a bullish trend as the 24-hour chart and 4-hour technical indicators point to more gains. Investors are advised to buy the dips as the market looks set to continue higher.

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