Litecoin (LTC), at the time of penning down this article, was trading at $48.09. The currency trades amazingly as the price grows by over 25% from the marked bottom in the past week. Important to note that the LTC has breached the stated height, today, after December 01, 2019. For more than a month, Litecoin against USD was consolidating bearishly, where it even slid as low as $37 in the bygone year.
However, we do not foresee a complete recovery until the conformity of a sustainable Bull Run. Also, the Bitcoin price has hit $8,000 and $8,300 after 45 days of bearish crossover. The king of cryptocurrencies and all the major altcoins are gaining imminent supports leading to lightened selling pressure.
Litecoin Price Analysis
Analyzing the hourly movement of LTC/USD on Bitstamp, we see that the coin is marking an uptrend as the price has grown from the lowest at $38.64 to currently trading around $48. The 20-day Bollinger Bands laid, confirm about the upcoming volatility as we see the bands widening. Although, this uptrend has led the coin to gain all the imminent support from daily moving averages. Alongside this, we also see the candlesticks breaking through the upper 20-day Bollinger Band. We even see the trendlines forming an upper edge is the momentum of Litecoin remains the same.
Moreover, the intraday movement of the Litecoin has been overwhelming since yesterday, and we believe this to be a sustainable growth that can lead to a Bull Run.
The technical indicators laid confirm the bullish crossover of the MACD line over the signal line by Litecoin’s intraday positive move.
The RSI of the LTC is at 67.58 and hints at an overbought momentum for the coin.