Litecoin’s price had recently ramped up from near the $73 mark to around the $93.50 mark. However, no sooner than price action tested that price level, some downward retracement started. The mentioned downward retracement saw LTC prices fall below the $90 mark. At this point, price action seems to have bounced back, let’s see what happens next in this market.
LTC Analysis Data:
Litecoin Value Now: $93.38
LTC Market Cap: $6,762,113,416
Litcoin Moving Supply: 72,563,852
LTC Total Supply: 84,000,000
LTC CoinMarketCap Ranking: #13
Major Price Levels:
Top: $93.38, $94.00, and $96.00
Base: $93.00, $92.00, and $91.00
Litecoin (LTC) Seems to Have Regained Upside Traction
As earlier mentioned, Litecoin’s price on the LTC/USD daily chart had retraced downward in the past two trading sessions. But in this session, price action regained most of the lost upside ground when its price moved upwards by 3.42%. With the appearance of the last price candle on this chart, price action seems to have regained its upside path. Also, the Moving Average Convergence Divergence (MACD) indicator line is revealing that upside momentum has continued growing. This can be seen through the histogram bars and how the indicator curves have crossed above the 0.00 level. Additionally, due to the recent price gain, the lines of the Relative Strength Index (RS) indicator, following a bearish crossover, have started trending sideways instead of trending downwards. Consequently, it appears that the price is still upside-bound.
Litecoin (LTC) Maintains an Upside Bearing
On the 4-hour LTC/USD market, price movements still have an upward bearing. Price action can be seen staying mostly above the upside-sloping trend line that was drawn on this chart. Also inside today’s trading session, price action has moved further upward from the midline of the Bollinger Bands. At this point, the RSI indicator lines have performed an upside crossover in the oversold region, and their lines are moving gradually upward. Likewise, the MACD indicator is showing that downward forces are out via its bars. Therefore, it appears more likely that Litecoin’s price will increase to the $96.00 mark as trading activities continue.
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