Rajarshi Mitra
Independent Analyst
- LTC/USD went up from $55.25 to $57 so far today.
- The RSI indicator is trying to get out of the oversold zone.
LTC/USD bulls have rallied together to mount a comeback after six straight bearish days. The price has gone up from $55.25 to $57 so far today. As with the rest of the crypto market, LTC/USD had a heavily bearish Tuesday where the price fell from $66.67 to $55.25. The hourly breakdown shows us that the price plummetted from $65 to $57.25 within an hour. The bulls then tried to make a comeback by taking LTC/USD back up to $59.40. However, the bears took back control and brought the price down to $55.25. The bulls started strong today and brought the price up to $57.67. However, the bears have since corrected the price down to $57. The bulls will want to garner enough momentum to get back into the $60-zone.
LTC/USD daily chart
This Tuesday, the price fell below the 20-day Bollinger Band, indicating that it was undervalued. The bulls are currently trying to take the price back into the Band. The widening of the Bollinger jaw indicates increasing market volatility. LTC/USD is also trending below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves.
The Moving Average Convergence/Divergence (MACD) indicator shows two straight bearish sessions, while the Elliott Oscillator has had four consecutive bearish sessions. The Relative Strength Index (RSI) indicator is trying to get out of the oversold zone.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.