Litecoin’s (LTC) Bullish Wave Overcomes $62.64 Obstacle – Price Analysis

Altcoins Cryptocurrency News Price Analysis
  • LTC price analysis shows upside tendencies.
  • LTC/USD support stands near $54.75.
  • The altcoin encounters rejection at around $63.74.

The Latest Litecoin price outlook shows LTC explores bullishness today, following positive sentiment within the marketplace. Meanwhile, bulls target new highs as they explore the $62.64 mark. That cleared the path toward the $63.74 record high.

The alternative token launched slow upsides early today before gaining pace within the past five hours, triggering a swift upside.

LTC/USD Daily Chart – Bulls Targeting Record Highs

Litecoin’s one-day chart shows the altcoin soared substantially, with bulls covering the $54.75 – $63.74 range in today’s session. While publishing this blog, the altcoin hovered at $62.64. LTC-USD gained over 15.24% within the past day, and a nearly 1.62% value increase emerged within the past hour.

Its trading volume wavered beyond $1.56 billion, with a $3.77 billion market capitalization. The volatility remained high for the pair. The upper BB stands at $69.92, whereas the lower one stands near $47.88. meanwhile, the indicator saw an upward breakout, revealing promising price prospects in the upcoming days.

The RSI (Relative Strength Index) hit the overbought limit, reading 61.95 – beyond the neutral zone’s borderline. The daily chart Moving Average stood at $62.92, while the price hovered at $62.64, confirming more upside for LTC-USD in the short term.

Further Technical Indications & Latest Developments

LTC’s 4hr outlook confirms uptrends for the alt over the past few hours. Meanwhile, the past hour saw a massive upside as the token climbed beyond the upper BB’s resistance, flipping it to support. Meanwhile, the Bollinger Bands printed a bullish pennant, which the coin broke over the past few hours as prices regained upside momentum.

The Relative Strength Index read 42.02, beyond the overbought level, and it might drop slightly before soaring again to confirm a bullish trend. The 4hr chart MA shows a bullish cross, indicating more upside for LTC’s price.

Conclusion

Though most technical indicators favor buying LTC-USD, selling momentum might resurface any time as the LTC price has neared a record high. Holding beyond $62.64 might see the token overcoming the $63.74 resistance to extend the bullish bias.

Nevertheless, investors should adopt cautiousness while selling or buying the pair. Also, enthusiasts should utilize stop losses to reduce losses amidst sudden bearish waves.

Leave a Reply

Your email address will not be published.