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

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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.

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