Litecoin price analysis is on the rise for the day as the coin seems to be consolidating above the $160 mark. However, the price function is directed upwards as there is a price increase. LTC/USD has been rebounding since December 18 after finding support around the USD 143 level as the price trend has been up since then, with only two minor adjustments in between.
LTC/USD 1 day price chart: LTC covers the upside
Litecoin 1 day price analysis shows the coin price rising as LTC is trading at $162.5 at the time of writing. The coin is trading in a $160.4 to $163.9 range today, increasing in value by 1.06% in the last 24 hours and increasing in value by 9.64% over the past week. The market cap also increased by 0.71%, however, trading volume decreased by 35.26% in the last 24 hours, resulting in a market dominance of 0.48%.
Volatility is relatively low as Bollinger Bands converged strongly on December 23 and are now forming a narrow channel indicating low volatility for LTC. The upper band is at $167 which is resistance for LTC/USD, and the lower band is at $142. The average value of Bollinger Bands is $155, which is support for the LTC price. The moving average (MA) is at $155.20, just above the midline of the Bollinger Bands. The Relative Strength Index (RSI) is trading at the bottom of the neutral zone at the 47 index. Although the RSI is on an upward curve, the angle is not steep, indicating bearish resistance.
Litecoin Price Analysis: Recent Developments And Additional Technical Notes
A 4-hour analysis of the LItecoin price shows that the coin’s price function followed a correction in the first four hours of the trading session that started yesterday. However, an upward attempt was seen later as the price level rose overall during the day. But for the past four hours, the bears have retreated.
LTC volatility on the 4-hour chart is relatively high as the Bollinger Bands are wide apart, but a good sign is that the indicator is moving upwards. The top bar is now $167 and the bottom bar is $154. The average value of Bollinger Bands is $160, which is in favor of cryptocurrencies. The Relative Strength Index (RSI) is back on a downward curve as selling pressure resurfaced in the last four hours, but the RSI is still at 58, which is quite an acceptable result.
Litecoin price analysis: conclusion
Today’s Litecoin price analysis is bullish as the price rises to $162 overall. For now, however, the price is adjusting once again, but we expect LTC to test $163.9 again later in the day before moving higher.