- Litecoin depicts a bullish picture today.
- LTC/USD’s massive support stands at $149.
- LTC has its next resistance at $155.
Litecoin (LTC) witnessed its price bouncing up to $153 level on 19 December after buyers found support near $143. Analysts projected retracement before LTC climbs highs. Meanwhile, the alt accomplished that yesterday and continued its upswings today. For now, the price function retests the resistance at $153, and bulls necessitated more support for a breakthrough. Also, the Relative Strength Index hinted at the present high pressure.
LTC/USD Daily Price Chart – Bulls Require More support
The daily chart for Litecoin shows price increment today as the alt moved past the 19 December price cap. While writing these lines, LTC traded at $153.69. LTC/USD gained more than 4.17% within the past 24 hours and 3.03% within a week. Also, the market capitalization rose by 4.64% yesterday as trading volume plunged by 23.71%.
The Bollinger bands converge, showing limiting volatility. The upper bands stood at $186 while the lower one near $150 represents support. Meanwhile, the indicator’s average of $158 shows LTC’s resistance. The MA stands at $150, under the current price. The RSI moves in a slight upside curve, confirming buying activity in a pressurized market.
Also read:More Technical Indications and Recent Developments
The 4hr chart shows LTC bulls started stepping up during yesterday’s 2nd half session after a retracement towards the range at $147. The asset maintains an uptrend today. But some bearish efforts emerged as Litecoin corrected again. Nevertheless, the price surges as bulls attempt to crack the resistance at $153.
The volatility on 4hr chart is somewhat high but lower than what the past few days had as Bollingers converge slowly. The top band stayed at $156 while the lower band rose to $146. Meanwhile, Bollinger bands’ average at $151 confirmed the coin’s support. The RSI (72) maintains an upward curve. Nevertheless, the curve remains mild, showing bearish pressure around this level.
Final Thought
Litecoin has recovered all losses incurred during yesterday’s session, and bulls might get the momentum they need. Therefore, LTC/USD can break past the $153 resistance, targeting $159. However, Litecoin might witness correction before attaining its upward target.
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