Litecoin price analysis shows that the price of LTC/USD is currently in an uptrend as it rises to $51.70. However, the cryptocurrency was rejected at $52.45 as the bulls seem to be losing momentum. Litecoin price started the day trading at $51.26 and slowly rose to a high of $51.70. The cryptocurrency then corrected lower and traded at $51.20 but found support at this level as it rebounded to its current price of $51.70.
The LTC/USD pair is up 1.29 percent in the last 24 hours and is currently trading above the $51 level. The coin has a market cap of $3.47 billion and a trading volume of $8.78 billion in the last 24 hours.
LTC/USD 1-day price chart: LTC/USD faces resistance at $52.45
Litecoin’s daily price analysis chart shows that the cryptocurrency has been in a strong uptrend over the past 24 hours as it appears to be continuing its bullish momentum. After finding support at $51.20, Litecoin’s price took control and pushed the price down to $51.70 with resistance for the coin at 52.45. Bears have failed to push the price lower and a break above $52.45 could push Litecoin price towards $55.
The Relative Strength Index (RSI) is currently near overbought levels, indicating that the price may correct lower in the near term. The MACD indicator is moving higher, indicating that bulls are in control of Litecoin’s price action. The 50-day simple moving average acts as a support level and the 200-day simple moving average decreases.
Litecoin price analysis conclusion
In short, Litecoin’s price analysis shows that the bulls control the market because the market will go up when the bulls dominate the market. Most of the technical signs are in favor of the bulls as a bullish breakout is expected in the near term. The daily and hourly charts show a likely bullish breakout in the near term.