- LTC price outlook reveals a bullish bias.
- Litecoin has support at $53.55.
- LTC/USD faces rejection near $56.50.
Litecoin price outlook shows the alternative token exploring a bullish bias, with the token climbing past $55.82. Nevertheless, LTC faces price rejection near $56.50 as bulls appear to lose strength. LTC price opened the day near $53.55 before hitting the $56.50 highs amid an upside bullish push.
The price has surged over 3.82% within the past 24 hours, currently changing hands at $55.52. the 24hr trade volume also reduced marginally, hovering near $539 million. Litecoin has a market capitalization of $3.9B, ranking the 5th largest global.
Litecoin 4Hr Timeframe: Latest Developments
The 4hr LTC price outlook reveals that the token printed higher lows and higher highs, indicating a bullish trend. Also, the price conquered the descending channel, which housed it within the last few days. LTC/USD hovered beyond the 50-Simple Moving Average and the 200SMA, indicating bulls were in control of the marketplace.
Meanwhile, the Relative Strength Index swayed at 63.83, indicating that prices are neither oversold nor overbought. The 50MA hovered at $54.21, whereas the 200MA stood at $52.65.
Litecoin 1Day Timeframe: Bulls Push Higher
The one-day chart shows a market volatility break as the alternative token jumped to $55.82, meaning intact bullish strength, with the market looking to extend highs. The altcoin will meet resistance at the $56.60 mark. Meanwhile, a closing beyond this level will clear the road towards the $57.50 value area.
Downward tendencies would meet the first support at $53.55. A price move beneath this mark would translate to a sell-off.
The 1-day Relative Strength Index swayed beyond the 50 mark, indicating LTC is neither oversold nor overbought. The market appears bullish as the 50 Simple Moving Average wavered beyond the 200 Simple Moving Average. Moreover, LTC/USD moves beyond the MA indicator, confirming bullish dominance in the marketplace.
Final Thought
Litecoin’s analysis shows the alternative token following an upside bias with additional room for positive activity. The market retains bullishness as the 4hr & 24hr technical suggest more gains. Investors can purchase the dup as the altcoin might stretch higher.
