Litecoin currently trades at $42.86 and is hitting the upper Bollinger Band laid on a 4-hourly chart. The current trading price is a result of a positive intraday move. If it continues to gain momentum, LTC price is expected to rise above the ultimate support/resistance area. The active support from the short-term and the medium-term moving averages has placed the coin above the 20-day Bollinger Band Basis.
Litecoin Price Analysis
Analyzing the LTC/USD movement on Coinbase over the past one month, we see that the coin has been correcting upwards. However, if due to volatility the coin nosedives, we can expect the current resistance to act as the major support resulting into S/R flip. The immediate opening of the 20-day Bollinger Band manifests about the upcoming volatility as the bands are seen widening.
If the coin takes an upturn, the first target lies around $49 price area, and if it takes a reverse, it ought to fall as low as $35. Important to note that the important moving averages are all inside the 20-day Bollinger Band width, giving extensile support. Alongside this, the current price is acting as the major price zone for an S/R flip respectively.
Having said that, the technical indicators laid also confirm the positive intraday move, the MACD of the coin is moving above zero and holds a bullish crossover as it overrides the signal line.
The RSI of the coin is at $57.36, having returned from the overbought region.