- Litecoin price analysis shows a bullish trend
- LTC prices have broken the previous resistance of $120.0
- LTC prices have spiked to $122.60, resistance is present at $122.8
Cryptocurrencies prices heatmap, source: Coin360
Litecoin price analysis for today shows a strong bullish trend set that has seen LTS/USD prices trading at $122.60, an increase of 2.29 percent from its previous prices. The market had been trading in a sideways channel for the past few days, but yesterday’s close above $120.0 resistance opened up the upside potential. Litecoin prices have spiked to $122.60 and are currently correcting lower.
Litecoin price analysis shows the coin has been hovering around a range of $119.10 to 122.88 with a trading volume of $801,865,614.11 that is however significantly low despite the increasing prices. Litecoin prices have sought firm support at the $120.0 price level and are currently bouncing back from it. The bulls will be looking to take the prices above the $122.8 resistance for a continuation of the bullish trend.
Litecoin price action on a 1-day price chart: LTC/USD prices continue to surge past the $120 level
On the 1-day price chart for LTC/USD, the bulls have established a strong presence in the market as the prices surged past the $120 level. The LTC/USD pair had been trading sideways for a few days before yesterday’s close above the $120.0 resistance. This has opened up the upside potential for Litecoin prices with the next target set at $122.8.
The RSI indicator is currently trading at 67.54 and is showing no signs of a bearish reversal. The MACD indicator is also in the bullish zone, indicating that the bulls are in control of the market momentum. The 50-day EMA is currently at $116.15 while the 200-day EMA is at $106.86, indicating the uptrend is likely to continue in the near term.
LTC/USD 1-day price chart, source: TradingView
The Litecoin prices are currently correcting lower after facing resistance at $122.8. The $120 level is acting as strong support for the bulls and is likely to hold. A break below this support could see the prices revisiting the $119.10 support level. The bullish trend is still in place, but a pullback from the current levels could be seen before the prices resume their uptrend.
Litecoin price action on a 4-hour chart: LTC/USD prices consolidate around the $122.60 level
The 4-hour price chart for LTC/USD shows that the market is currently consolidating around the $122.60 level. The bulls had initially pushed the prices higher, but they were met with strong resistance at $122.8. This has resulted in a slight retracement of the prices. The RSI indicator is currently at 49.81 and is indicating a potential bearish reversal. The MACD indicator is also in the bearish zone, which could mean that the bulls are losing steam. However, the moving averages (MA) are still in favor of the bulls as they are trending upwards.
LTC/USD 4-hour price chart, source: TradingView
If the bears manage to push the prices below the $120 support level, a continuation of the downtrend could be seen. The next target for the bears would be the $119.10 support level. On the other hand, if the bulls can push the prices above the $122.8 resistance level, a further rally could be seen.
Litecoin price analysis conclusion
To conclude, Litecoin price analysis shows that the coin is currently in a strong bullish trend with prices trading at $122.60. The next target for the bulls is set at $122.8, while the bears are eyeing the $120 support level. Bulls are required to push prices past the $122.8 resistance level to confirm a continuation of the uptrend. It is evident from the Litecoin price analysis that bulls have the upper hand in the market as prices surged past the $120 level.
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