Litecoin (LTC), at the press time, was trading around $56 after recording a 24-hour high around $59 price area, yesterday. With bullish sentiments in the intraday market, the price trend of LTC/USD is near to breaching the upper 20-day Bollinger Band.
Litecoin price along with Bitcoin, Ethereum, and XRP pumps when the market is geared up, and it was just in the wee hours of the trading session today that BTC has breached above $11k after trading around $10.9k for a noticeable period.
LTC has lured a total of approximately 5.5 million networkers in half a year until now, and as it is ranked amongst the top 10 coins of the global crypto market, it is believed to be one of the best investments for long-term.
Litecoin Price Analysis
Litecoin, on the 24-hourly chart, is seen spiking above the 50.0% Fib Retracement level. Moreover, the price trend of LTC/USD was below 38.20% Fib Retracement level right after it started strengthening from the market crash in March. Due to lack of steady momentum, Litecoin was trading laterally below $50, and with the recent gush, it has now spiked above 50.0% Fib. Moreover, the coin has breached 5-month resistance with recent bullish price action but is facing a strong resistance above $59.
On the 2-hourly chart, Litecoin started strengthening over the past ten days and is now hitting a fresh monthly high & reclaiming 5-month high with recent spike has led to a surge in trading volume and market cap as well.
However, the 20-day Bands are not holding any extremities, and hence, we do not project any unprecedented volatile breakout. LTC holds strong support from 50-day and 200-day daily MAs at $54 and $46, respectively.
The MACD exhibits a slight bearish crossover due to intraday volatile pullbacks and is also seen intersecting with the signal line. The RSI is at 57.91 and is inclined towards the overbought region.