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Litecoin price analysis: LTC consolidates above $160, more upside to follow?

Litecoin price analysis LTC consolidates above more upside to follow

TL;DR Breakdown

  • Litecoin price analysis is bullish today.
  • Support for LTC/USD is present at $158.
  • Resistance for LTC is found at $165.5 next.

The Litecoin price analysis is on the bullish side for today, as the coin seems to be consolidating above the $160 range. However, the price function is in the upwards direction as an increase in price has been observed. The LTC/USD has been recovering since 18th December after finding support at the $143 level, as the price trend has been upwards since then, with only two small corrections observed in between.

LTC/USD 1-day price chart: LTC covers range upwards

The 1-day Litecoin price analysis shows an increase in the coin’s price as the LTC is trading hands at $162.5 at the time of writing. The coin traded in a range of $160.4 to $163.9 today while reporting a 1.06 percent increase in value over the last 24 hours, and also reports an increase in value by 9.64 percent over the past week. The market cap has also increased by 0.71 percent, but the trading volume has gone down by 35.26 percent during the last 24 hours, resulting in market dominance of 0.48 percent.

Litecoin price analysis: LTC consolidates above $160, more upside to follow? 1
LTC/USD 1-day price chart. Source: Trading view

The volatility is comparatively low as the Bollinger bands converged steeply till 23rd December and now have formed a narrow channel showing low volatility for LTC. The upper band is at the $167 mark representing resistance for LTC/USD, and the lower band is at the $142 mark. The average of Bollinger bands is at $155, representing support for the LTC price. The moving average (MA) is at the $155.20 mark, just above the Bollinger bands average line. The relative strength index (RSI) is trading in the lower half of the neutral zone at index 47. Though the RSI is on an upwards curve, the angle is not steep, hinting at resistance from the bearish side.

Litecoin price analysis: Recent developments and further technical indications

The 4-hour LItecoin price analysis shows the coin price function followed the correction during the first four hours of the trading session, which started yesterday. But later on, bullish efforts have also been observed as the overall price level has been increased during the day. But during the last four hours, bears have been again pulling the price down.

Litecoin price analysis: LTC consolidates above $160, more upside to follow? 2
LTC/USD 4-hours price chart. Source: Trading view

The volatility is comparatively high for LTC on the 4-hour chart, as the Bollinger bands are wide apart, but the good sign is that the indicator is moving upwards with both its ends. The upper band is now at the $167 mark, and the lower band is at the $154 mark. The average of Bollinger bands is at $160, representing support for the cryptocurrency. The relative strength index (RSI) is again on a downwards curve as the selling pressure has reappeared during the last four hours, but the RSI is still at index 58, which is quite an acceptable score.

Litecoin price analysis: Conclusion

The Litecoin price analysis is bullish today as the price has increased overall up to $162. However, currently, the price is under correction again, but we expect LTC to retest the $163.9 later today before continuing further upside.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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