Litecoin price analysis: LTC/USD bulls run out of steam at the $65-level
|- The RSI indicator is trending at 59.60 next to the overbought zone.
- The 20-day Bollinger band has widened, indicating increasing price volatility.
LTC/USD has dropped from $64.20 to $62.95 in the early hours of Thursday. It looks like the bulls have run out of steam at the $65-level. Before this, LTC/USD had managed to do three straight bullish days. The hourly breakdown for Wednesday and Thursday shows us that LTC/USD had intraday resistance and support at $63.70 and $62.83. After bouncing off $62.83, LTC/USD was able to break past the $63.70 resistance line to go up to $64.20. Since then, the bears regained control and corrected the price around $62.95.
LTC/USD daily chart
The price has found resistance at the upper 20-day Bollinger band. The Bollinger jaw has widened as well, showing higher price volatility. The Relative Strength Index (RSI) indicator is trending at 59.60 next to the overbought zone. The Moving Average Convergence/Divergence (MACD) indicates sustained bullish momentum, while the Elliot Oscillator has had four straight green sessions.
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