Litecoin price analysis has turned bullish over the day’s trade, forming a 7 percent rise to move as high as $67.16. LTC has been subject to a horizontal trend around a narrow range within $70-$75 mark, before dropping down to $60.1 on May 26, 2022. Buyers have been quick to come into the market since then, forming a steady uptrend which now aims to target $70, once the first resistance point at $68 is breached.
The next resistance point will be met at $80, which could be a distinct possibility if price could follow up on today’s 7 percent rise over the next 24-48 hours. Conversely, price could slip below the lower boundary around $60 if price fails to hold around the current trend.
The larger cryptocurrency market exhibited significant uptrends similar to LTC, as Bitcoin rose more than 5 percent to move above the $30,000 mark for the first time in over 10 days. Ethereum rose almost 8 percent to move within touching distance of the $2,000 mark. Among major Altcoins, Ripple rose 4 percent to $0.40, while Cardano soared 13 percent to move as high as $0.53. Meanwhile, Solana trended 4 percent upwards to $45.86 and Polkadot jumped 5 percent to reach $10.32.
Litecoin price analysis: Daily chart shows price soaring above 9 and 21-day moving averages
On the 24-hour candlestick chart for Litecoin price analysis, the token can be seen forming a swift uptrend to rise back up to the $70 mark. After declining down to $60 just 2 days ago, buyers came into the market to lift LTC price over the past 24 hours. At current trend, LTC is aiming to move above the $70 mark where the 9 and 21-day moving average sit. Price also breached the crucial 50-day exponential moving average (EMA) over the past 24 hours at $66.9, which is also a highly bullish sign.
The 24-hour relative strength index (RSI) shows market valuation shooting up over the day’s trade at 43.56, while a 30 percent increase in trading volume also underlines buyer interest for LTC. However, the upward movement past the first resistance at $68 may prevent further buying, and stop buy to be placed around the $69 mark. The moving average convergence divergence (MACD) curve also presents a bullish outlook, forming higher highs above the neutral zone. Litecoin price analysis is set to remain bullish over the next 24 hours, however a potential crash down to the $60 support would invalidate the bullish thesis.
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