A lot of the cryptocurrency market come under pressure when bitcoin’s value increases. Litecoin seems to successfully buck this trend, as it has done for most of the past week.
After overcoming the previous crucial resistance level, the quest to surpass $60 is now in full effect. There will be plenty of litecoin price action over the course of this weekend.
The Litecoin Price Push Continues
It has been a very interesting week for litecoin price watchers. There was some initial concern regarding the $57.49 resistance, albeit that hurdle has been overcome without too many problems. The process has taken a little while longer than one might have assumed at first. That is how financial markets of any kind tend to play out every now and then.
Overall, the push from $45 to just below $60 remains remarkable. Now that all markets continue their bullish trend, the litecoin price should be able to overcome this psychological hurdle as well. That being said, a lot of traders will try to oppose this approach.
For now, there is plenty of LTC trading volume. Over 34% of the litecoin market cap makes up the trading volume today. The biggest contributors are LTC/USDT on MXC, BCEX, and Digifinex, LTC/TRY on Sistemkoin, and LTC/BTC on Coinbene.
LTC/USDT Technical Indicators
Bollinger Bands: Surprisingly, the litecoin price chart’s Bollinger Bands remain relatively narrow at this time. There is no real accumulation going on, but the volatility is not as outspoken either. A remarkable trend, albeit there may be some minor bearish pressure soon.
This becomes evident when looking at the volume bars below the price levels. Several red candles have formed in quick succession. They are still dwarfed by previous green candles, yet a drop to just below $58.5 isn’t impossible. It may even result in retesting the previous resistance at $57.49.
Moving Averages: For now, the moving averages on the hourly chart show a bullish crossover. This trend remains in place despite the current pressure. The MA200 also continues its ongoing uptrend, pointing to a 200-day average of just above $52.
On the daily litecoin price chart, there is a similar bullish crossover of the MA20 and MA50. It shows the MA200 is still declining and has dropped below $85. The current LTC price may cross that MA200 if the uptrend – or stability – can remain in place for a few more days.
RSI: The RSI on the hourly chart is in “normal territory” following a steep decline. That is to be expected, and may pave the way for a further uptrend. On the daily, the RSI is still trending higher, albeit ever so slightly.
Next Resistance Level: The current litecoin price sits between two resistance levels. The first, at $57.49, has been breached, yet it is not a confirmed level of support just yet. Further resistance sits at $60.00 flat, which has been rejected on the first attempt.