Litecoin price analysis: Bullish momentum to continue pushing prices towards $69.53


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Cryptocurrencies price heatmap, Source:Coin360

Litecoin price analysis for today indicates that the crypto pair has found support at $67.68 and currently trading at $69.53. The market is expecting a breakout from the ascending triangle pattern formation. Litecoin has been on an uptrend over the past few days as it surged from $67.68 to $71.44. The bulls have since taken control of the market as Litecoin is currently testing the $71.44 resistance.

The market capitalization of Litecoin is $4,891,997,029 and the trading volume is recorded at $603,876,958.LTC/USD is currently at position 19 in the larger market. The bearish momentum that had been propelling the market downward has halted as the bulls are now in control.

LTC/USD price analysis on a daily timeframe: Bulls push for higher prices

The 1-day Litecoin price analysis shows the bulls are stumbling to push prices higher to initiate a firm bullish momentum. Bears are still in play as the market consolidates before a break out in the next few hours. The immediate target for the bulls is to push prices and close above the descending trend line.

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

The EMA 50 and EMA 100 are horizontally stacked with the EMA 200 to form a confluence zone. The RSI indicator is currently fluctuating at the 50 level, which indicates that the market is indecisive at this moment. The MACD indicator is currently in the positive territory as the bullish momentum gathers pace.

Litecoin price analysis on a 4-hour price chart: Further gains expected

The 4-hour Litecoin price analysis shows that the market opened trading at $68.53 and is currently trading at $69.53 after a slight pullback from highs of $71.44. The bulls are still in control as they target the $75 price level with more buyers joining the market. The digital asset is currently trading above the ascending trend line which is a good sign for the bulls.

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

The MACD indicator is currently in bullish territory as the signal line crosses above the 12-period EMA. The RSI indicator is currently fluctuating at the 64 level, which indicates that the market is indecisive at this moment.

Litecoin price analysis conclusion

Litecoin price analysis indicates that the prices are currently trading at the $69.53 level, and it looks like the bulls are in control of the market. The next few days will be crucial for Litecoin while on the downside, a move below the $67.68 level could see Litecoin prices retrace to the $63 level. On the upside, a move above the $71.44 resistance could see Litecoin prices surge to the $75 level.

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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