1. BITBILIHome
  2. Article

Litecoin price analysis: LTC rallies above $94.00 after a strong bullish move

• 64 views

TL;DR Breakdown

  • Litecoin price analysis shows a strong bullish momentum.
  • LTC/USD is currently at $94.10, a 5.17% increase over the past 24 hours.
  • If bulls persist, the LTC token could target the $94.87 level soon.

The latest Litecoin price analysis shows a strong uptrend in the market. The Bullish momentum is being driven by positive sentiment in the market. The LTC/USD pair had a strong rally above the $94.00 level and is currently trading at $94.10 as of writing this analysis. If Bullish sentiment persists in the market, then the LTC token could target the $94.87 level soon, which acts as the next major area of resistance after the $94.00 level has been breached.

Moreover, Litecoin has been in a steady uptrend over the past few weeks and is up almost 15.34% since the mid-start of May. The current bullish momentum is being driven by strong buying pressure around the $90-$94 range and positive sentiment in the market. In addition, Litecoin has broken out of a descending triangle pattern on the 24-hour chart and this could be a sign that LTC/USD is ready to continue to move up over the coming days.

Litecoin price analysis daily chart: LTC breaks above the $89.34 support level

On the daily chart, Litecoin price analysis is trading in a symmetrical triangle pattern. The price broke the upper trendline of this triangle at $89.34 and is now attempting to break through the resistance level of $94.87. The past week has proved to be quite favorable for the buyers. Today’s trend has yet again proved to be on the supportive side, as the price has increased to the $94.10 level gaining 5.33 percent value during the last 24 hours.

image 658Litecoin price analysis: LTC rallies above .00 after a strong bullish move
LTC/USD daily chart, Source: TradingView

The moving average (MA) value is trading at $84.17 as well, with 20-SMA and 50-SMA indicating a bullish trend. The RSI (Relative Strength Index) is currently standing at 63.31, which indicates that Litecoin is still in the buying zone and has the potential to increase further in the coming days. The moving average convergence divergence (MACD) is also trading in the bullish zone as of now, with a rising signal line showing that further growth is expected.

Litecoin price analysis 4-hour price chart: LTC gains momentum at $94.10

The 4-hour price chart for Litecoin price analysis shows the price has undergone a significant bullish move to reach the current price of $94.10. The bullish pattern is being driven by strong buying pressure in the range of $90 to $94 and a break above the descending triangle pattern.

image 659Litecoin price analysis: LTC rallies above .00 after a strong bullish move
LTC/USD four-hour chart, Source: TradingView

The MACD is also trading in the green zone, indicating a potential uptrend over the coming days. The signal line (orange) is above the MACD line (blue) with a strong positive divergence. The RSI has climbed back up to 71.97 and may continue to rise if buyers persist in buying Litecoin tokens. The moving average indicator is present at $91.84, with 50-day MA and 20-day MA trending northwards.

Litecoin price analysis conclusion

Overall, Litecoin price analysis shows the bulls are in control and further growth is expected over the coming days. Bulls need to break through the $94.87 resistance level if they want to see additional gains for LTC/USD pair in the near future. Additionally, if bears manage to break down the current uptrend, then the $90.00 level could act as strong support and stop further downside movement in the market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Litecoin price analysis: LTC rallies above $94.00 after a strong bullish move

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月19日 01:52
Next 2023年5月19日 02:29

Related articles

  • Coinbase unveils Base network’s road to mainnet

    TL;DR Breakdown Coinbase has shared a detailed breakdown of the road to mainnet of its Base network. Speculations engulf Base network’s testnet and future application. Coinbase has revealed in a recent blog post a roadmap detailing the necessary steps for the launch of its mainnet. While specific dates were not provided, the roadmap outlines five criteria that need to be fulfilled before the network can go live. Out of the five, two have already been met, leaving three remaining milestones. The Base network was introduced by Coinbase on February 23 as a layer 2 solution for Ethereum, utilizing Optimistic Rollup technology to enhance scalability and reduce transaction fees. Currently, the Base testnet is only connected to the Goerli testnet version of Ethereum, not the mainnet where most users hold their assets. Coinbase releases detailed information on Base network The Base network relies on the OP Stack, a set of code also utilized by the Optimism network. The Base team expressed progress towards the mainnet launch in their announcement, emphasizing the fulfillment of the five criteria as prerequisites. The first criterion,…

    Article 2023年5月27日

  • Vietnamese crypto investors heavily rely on word of mouth

    TL;DR Breakdown A recent study reveals 75.5% of Vietnamese crypto investors rely on friends’ referrals for investment decisions, 2.5 times higher than the U.S. Other significant information sources include self-study, media news, and community groups. The “Vietnam Cryptocurrency Market Report” 2023 suggests 70% believe the bear market is nearing its end, while 75% want more crypto regulation. Description Vietnam’s surging cryptocurrency market is undergoing a distinctive evolution. Where many might expect high-tech digital forums or cutting-edge financial analysts to guide investment choices, the reality in Vietnam is simpler: people trust their friends. The Overarching Power of Word of Mouth As the world grapples with the buzz of cryptocurrency, Vietnam has carved a unique … Read more Vietnam’s surging cryptocurrency market is undergoing a distinctive evolution. Where many might expect high-tech digital forums or cutting-edge financial analysts to guide investment choices, the reality in Vietnam is simpler: people trust their friends. The Overarching Power of Word of Mouth As the world grapples with the buzz of cryptocurrency, Vietnam has carved a unique niche for itself. An overwhelming 75.5% of Vietnamese cryptocurrency…

    Article 2023年8月31日

  • Long-dormant Bitcoin wallet transfers over $30 million after 11 years

    TL;DR Breakdown A Bitcoin wallet that had been inactive for over 11 years suddenly transferred its entire stash of over 1,037 Bitcoin, valued at approximately $31 million. The sudden activity has sparked intrigue in the cryptocurrency community, with speculation about the identity and motives of the wallet’s owner, often referred to as a ‘Bitcoin whale’. The transaction underscores the potential rewards for early adopters and long-term holders of Bitcoin, despite the volatility and risk associated with cryptocurrencies Description A Bitcoin wallet that had been dormant for over 11 years has suddenly sprung to life, transferring its entire stash of over 1,037 Bitcoin, valued at approximately $31 million at current prices, according to BitInfoCharts. The wallet, which had been inactive since April 2012, when Bitcoin was valued at less than $5, made the transaction … Read more A Bitcoin wallet that had been dormant for over 11 years has suddenly sprung to life, transferring its entire stash of over 1,037 Bitcoin, valued at approximately $31 million at current prices, according to BitInfoCharts. The wallet, which had been inactive since April 2012,…

    Article 2023年7月24日

  • Should there be a strict cap on digital pound holdings?

    TL;DR Breakdown U.K. Finance proposes a £5,000 cap on digital pound holdings to prevent financial panic and deposit flight. The Bank of England suggests a higher limit of £10,000 – £20,000 to encourage wider adoption. The proposed digital pound, dubbed “britcoin,” has already sparked concerns among lawmakers and citizens. Description Debate surrounding the proposed digital pound, a central bank digital currency (CBDC) to be issued by the UK, has reached a fever pitch. The chief bone of contention is the question: should there be an upper limit on individual holdings of the digital pound? This question has ignited fiery discussions among industry leaders, with U.K. … Read more Debate surrounding the proposed digital pound, a central bank digital currency (CBDC) to be issued by the UK, has reached a fever pitch. The chief bone of contention is the question: should there be an upper limit on individual holdings of the digital pound? This question has ignited fiery discussions among industry leaders, with U.K. Finance advocating for a cap of £5,000 ($6350) in contrast to the £10,000 – £20,000 ($12,700 –…

    Article 2023年7月6日

  • Double crisis hits Europe: Recession avoidable, expert claims

    TL;DR Breakdown Europe is grappling with a “double crisis”: Russia’s invasion of Ukraine and its subsequent economic impact. Despite these challenges, Europe secured alternative energy sources, reducing dependency on Russia. The euro zone reported a growth rate of 3.5% in 2022, surpassing the U.S. and China. Description Dark clouds loom over Europe as the continent grapples with what Paolo Gentiloni, the European Commissioner for economic affairs, describes as a “double crisis.” The dual threats—the full-scale invasion of Ukraine by Russia and the subsequent economic ramifications—are no mere trifles. While these geopolitical shockwaves reverberated globally, Europe, particularly Germany, felt the pinch more than … Read more Dark clouds loom over Europe as the continent grapples with what Paolo Gentiloni, the European Commissioner for economic affairs, describes as a “double crisis.” The dual threats—the full-scale invasion of Ukraine by Russia and the subsequent economic ramifications—are no mere trifles. While these geopolitical shockwaves reverberated globally, Europe, particularly Germany, felt the pinch more than most. Russia’s Shadow and Europe’s Resilience Russia’s aggressive stance in Ukraine last February sent shivers down the European spine, igniting…

    Article 2023年9月4日
TOP