Litecoin Price Analysis: LTC/USD bulls retain control as they aim to break past the $80-level
- LTC/USD broke above the SMA 20 curve this Tuesday.
- The MACD indicates decreasing bearish momentum, while the Elliott Oscillator has had five straight red sessions.
LTC/USD daily chart
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LTC/USD bulls retained control of the market in the early hours of Wednesday as the price went up slightly from $77.37 to $77.65. This follows a bullish Tuesday where the price bounced up from the $73.40 support line and spiked to $77.37, breaking above the SMA 20 in the process. The 20-day Bollinger jaw is narrowing, showing decreasing market volatility.
The Elliott Oscillator has had five straight red sessions, while the MACD shows decreasing bearish momentum. The bullish price action of the last two days has steadied the RSI indicator around 62.25.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
