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Litecoin [LTC] Price Analysis: Bulls drive silver coin’s price; breakout pattern forms

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Litecoin [LTC] Price Analysis: Bulls drive silver coin's price; break out pattern exhibited
Source: Pixabay

The fourth largest crypto-asset on CoinMarketCap, Litecoin [LTC], managed to surge against the US Dollar over the past week. The silver digital coin was trading a few points below $60 post the bull run this week.

DigiFinex recorded the coin’s highest trading volume via the trading pair LTC/BTC. The trading volume accounted for 7.41% of the coin’s 24-hour trading volume.

The coin opened at $56.82, before consolidating and pushing up to $57.35. At press time, LTC held a market cap of $3.48 billion with a 24-hour trading volume of $2.02 billion. The coin exhibited a positive change of 2.02% over the past 24 hours.

1-hour

Source: TradingView

LTC’s candlestick arrangement on the one-hour chart exhibited an uptrend from $46.34 to $55.15, along with a minor downtrend from $47.29 to $45.63. The coin was expected to breach the $60-mark in the short term. The support for the chart was marked at $48.20.

Bollinger Bands: The mouth of the bands suggested a stagnant market as the bands were moving in a tube-like fashion.

Chaikin Money Flow: The CMF was above the zero-line; this suggested that money was flowing into the coin market and hence, a bullish trend was predicted for the digital asset.

Klinger Oscillator: The reading line was treading above the signal line, after a bullish crossover.

1-day

Source: TradingView

The one-day chart for LTC recorded an uptrend from $32.98 to $45.30 and a downtrend from $67.77 to $46.46. The immediate resistance was marked at $84.61, while the support stood firm at $30.71.

Parabolic SAR: The dotted markers were aligned below the candles, indicating a bullish phase for LTC’s price.

Awesome Oscillator: The bars were found to be green, further suggesting a bullish price momentum for LTC.

MACD: The MACD line was oriented above the reading line, and depicted a bullish phase for the coin.

Conclusion

All the indicators in the short-term and the long-term exhibited bullish price movement, with a slight hint of volatility. The coin is expected to breach the $60-mark in the near future.

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