LTC Price Analysis: Litecoin Price embarks on a positive run

•LTC/USD is currently priced at $64.24 and has increased by 3.69% over the past day 

•The trading volumes have decreased by 5.61% over the past day

•The technical indicators suggest a positive outlook for the near term 

Short Term View: Litecoin shines bright amid a period of turbulence 

The Litecoin price today is $64.24 USD with a 24-hour trading volume of $413,966,207 USD. Litecoin is up 3.69% in the last 24 hours. The trading volumes have decreased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.09084 for the altcoin. 

Litecoin is currently in an uptrend as is demonstrated by Litecoin’s price transacting above the 20,50 SMA on the four-hour chart. The uptrend in Litecoin price is expected to continue as the bulls push prices beyond the $70 resistance level. The market is expected to remain bullish in the short term as the current market conditions indicate further upside for the asset. However, if the rally fails here, then Litecoin may retest the immediate support around $60 and ignite a notable flip, leading to the asset falling below the support level placed at $55. 

Long Term View for Litecoin 

After a couple of inactive days, Litecoin has embarked on an upswing that has resulted in the green histograms increasing in size on the daily chart. The MACD line is showing divergent movement from the signal line, while both of them continue to transact in the positive territory. The daily-RSI slope is currently transacting at 61.26 and showcases a diagonal trend above the halfway line, reflecting a bullish incline in the underlying sentiments as it heads towards the overbought territory. This suggests that bulls have stepped onto the gas pedal and the uptrend has been kicked into motion. 

Conclusion 

Litecoin has had its fair share of ups and downs in recent months but the bulls have stood firm in the wake of intense selling pressure. In a nutshell, the Litecoin price analysis keeps an optimistic standpoint for the upcoming price trend.

Support: $60-$55

Resistance: $70-$75

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 


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