Given that the price of LTC surged higher during the most recent trading session, the most recent Litecoin price analysis forecasts a strong bullish trend for the cryptocurrency. At the beginning of the month, the market was moving upward, but after January 15, 2023, a bearish resistance was also seen on the charts as bears resisted further upward movement by persistently obstructing the positive trend. Today, however, purchasers once more took advantage of opportunities. The price has effectively broken above the resistance of $90.20, leaving it far behind as the buying momentum continues to grow. With the price having recently reached $94.74, further coin value recovery appears to be imminent.
LTC/USD 1-day price chart: Bulls guide the price towards $94 horizon
Given that the price of LTC/USD rises during the day, the one-day Litecoin price analysis makes an upbeat prediction for cryptocurrency buyers. Market watchers have seen a significant increase in the value of LTC/USD as a result of the bulls’ successful control over price movement over the previous week. As the price managed to increase to $94.74 and the moving average (MA) value is set at $89.23, the trend today was once again in the bulls’ favor.
The current state of affairs suggests that volatility is rising, which is good news for buyers. Since the beginning of the month, the SMA 20 curve has remained above the SMA 50 curve, providing additional evidence of the uptrend’s strength. The strongest support for the price of cryptocurrency is represented by the upper Bollinger band value of $93.16 and the lower Bollinger band value of $81.41.
Litecoin price analysis: Recent developments and further technical indications
The four-hour Litecoin price analysis reveals that the bulls were able to take advantage of the circumstances by retaking the lead. A sequence of green candlesticks can be seen moving forward toward their next objective on the four-hour price chart. Although bears initially created unfavorable market conditions, in recent hours the coin value has increased to $94.74, surpassing all local resistance hurdles. At this moment, the moving average value is $90.11.
Due to the recent bullish return, the short-term trending line is currently moving upward. The values of the upper and lower Bollinger bands have also changed, with the higher extreme now showing a value of $93.02 and the lower extreme now showing a value of $84.95 respectively. Due to the intense bullish action, the Relative Strength Index (RSI) score is still extremely high, at 74.
Litecoin price analysis conclusion
The daily and hourly Litecoin price analysis favors the bulls for the day as the coin value appears to be growing substantially. It is great news for buyers because the price of cryptocurrency has surged to a high of $94.74. The price has gone up over the last four hours as well.
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