Litecoin Price Revisits $56, What Is Next For The Bulls?

Litecoin worth witnessed a rise in worth during the last 24 hours. Previously day, the coin surged greater than 3%.

The previous week for LTC has remained fairly optimistic for the altcoin because it logged over a 9% achieve in that timeframe.

The coin has continued to type larger highs on its chart, demonstrating that the bulls have been in charge of the value.

That triggered the altcoin to interrupt its consolidation and shatter above necessary resistance marks. The technical outlook for the coin was bullish on the time of writing.

The demand for Litecoin registered appreciation as demand for the coin additionally shot up. The coin has established sturdy help for itself on the $53 worth mark.

At the moment, LTC trades at a significant worth mark because the coin has struggled to maneuver previous this worth degree for the previous a number of weeks.

If the bulls fail to maintain the value on the present worth, a fall via the $53 help line will deliver the bears again on the chart.

At this worth mark, LTC is buying and selling at an 86% low in comparison with its all-time excessive that the coin secured in Might 2021.

Litecoin Worth Evaluation: One-Day Chart

LTC was buying and selling at $56 on the time of writing. After a strong consolidation, the coin has lastly been capable of revisit the $56 worth mark.

If Litecoin has to stay bullish, it has to proceed buying and selling above its present worth zone. The coin will encounter fast resistance at $57.

A transfer above $57 will assist LTC to the touch the $60 worth mark. However, a slight loss in bullish power, can drive the altcoin’s worth all the way down to $53 after which to $50.

The quantity of Litecoin traded previously session was within the inexperienced. Which means the consumers have been again on the chart.

Technical Evaluation

The altcoin has implied that the bulls have been again because the demand for the altcoin famous an uptick on the one-day chart.

The Relative Energy Index was on the 60-mark, an indication of bullishness as consumers have been extra in quantity than sellers.

Litecoin worth was above the 20-SMA line, which meant elevated demand for the coin and likewise confirmed that consumers have been driving the value momentum out there.

The opposite technical indicators have additionally inclined in the direction of the concept bullishness has triggered shopping for power to extend on the one-day chart.

The Shifting Common Convergence Divergence shows the value momentum and the course of the asset.

The MACD was bullish with inexperienced histograms above the half-line, which was the purchase sign for the asset. Bollinger Bands point out the value fluctuations and volatility of the coin.

The bands have been beginning to develop, hinting that there might be an opportunity of an upcoming worth fluctuation.