Litecoin Price Revisits $56, What Is Next For The Bulls?

Over the past 24 hours, the Litecoin value has seen an increase. Over the past 24 hours, the price of Litecoin has increased by more than 3%

LTC saw a positive week with an over 9% increase in its last week.

It has been forming higher highs in its chart which shows that bulls are still in control.

This caused altcoin’s consolidation to be broken and it to blunder above key resistance points. At the time this article was written, the technical outlook for altcoin was bullish.

Demand for Litecoin rose as did demand. At $53 per coin, the coin enjoys strong support.

LTC is currently trading at an important price point, as it has been struggling to surpass this level over the last few weeks.

Failure by the bulls to hold the current price will result in a drop through the $53 support area, which will put the bears back on top of the chart.

LTC trades at 86% below its May 2021 all-time high of $55.

One-Day Chart: Litecoin price analysis

Litecoin Price
Litecoin price was $56 per day on the TradingView one-day chart. Source: LTCUSD tradingview| Source: LTCUSD on TradingView

LTC was currently trading at $56. Following a consolidation solid, LTC has been able again to reach the $56 price mark.

If Litecoin wants to be bullish, it needs to trade above its current price range. The price of $57 will be the immediate resistance for the coin.

LTC can reach $60 if its price rises above $57. On the other hand, a slight loss in bullish strength, can drive the altcoin’s price down to $53 and then to $50.

In the green, the amount of Litecoin was traded over the previous session. The buyers are now back at the chart.

Technical Analysis

Litecoin Price
Litecoin recorded an increased buying strength in the one-day charts | Source: LTCUSD on TradingView

As the altcoin’s demand increased, it implied that the bulls had returned.

Relative Strength Index reached the 60 mark, which is a sign that bullishness prevails as sellers were outnumbered by buyers.

The price of Litecoin was at or above the 20 SMA line. This indicated that there was increased demand for the currency and showed buyers driving market momentum.

Litecoin Price
Source: LTCUSD on TradingView| Source: LTCUSD on TradingView

All other indicators point to the possibility that the bullishness of the market has led to buying strength increasing on the one day chart.

Moving Average Convergence Divergence reveals the price momentum, and the direction of assets.

MACD was bullish, with green histograms over the half line. That was the sell signal. Bollinger Bands are indicators of volatility and price fluctuation.

There was a sign that the bands are expanding, suggesting that there may be an opportunity for a price fluctuation.

Get more Crypto News at CFX Magazine