- LTC price has recently started an upward journey and is facing rejection above $46
- Technical indicators are heading towards a bullish phase while the coin is approaching support level near $45
- Litecoin has recently cleared the price barriers near $44, currently pulling back
As Bitcoin has already managed to trade above $6800, the crypto market is gearing up for a massive and much-needed price recovery. Matching its pace with BTC price, LTC coin has also started a rebound and broken above the bearish impact.
Litecoin Price Analysis:
After yesterday’s downtrend, Litecoin opened today at $43.58 on a mild bullish note. The coin hit the $45.15 price mark and then returned to the price range of $43. After a high swing at $44.10, the coin slowly dropped and hit bottom at $42.31. Seeing a support level there, the price escalated and cleared resistance levels at $43 and $44. With an increase of 9%, LTC price reached as high as $46.12 and then pulled back to $44.96. Recently, the coin has formed a bullish candle at $45.41 at 11:28:47 UTC.
Bollinger Bands clearly hint about the noticeable volatility in the Litecoin price trend, which is likely to invite bulls to the coin. SMA lines are about to have a bullish crossover, as the long term SMA line is set to slip below the short-term SMA line. MACD chart notes a positive phase as the MACD line is above the signal line.
LTC coin is likely to face resistance at $47.43, $50.13, and $51.48 if it continues the current uptrend. Also, its support levels stand at $43.38, $42.03 and $39.33.