Litecoin price saw an increase in value over the last 24 hours. In the past day, the coin has gained over 3%.
The past week for LTC has been quite positive for the altcoin as it gained over 9% in that time frame.
The coin continued to make higher highs on its charts, indicating that the bulls were in control of the price.
Due to this the altcoin broke its consolidation and broke important resistance marks. At the time of this writing, the technical outlook for the coin was bullish.
The demand for Litecoin registered an increase as the demand for the coin also increased. The coin has established strong support for itself at the $53 price mark.
Currently, LTC is trading at a significant price mark as the coin has been struggling to move beyond this price level for the past several weeks.
If the bulls fail to maintain the price at the current price, a decline above the $53 support line will bring the bears back on the charts.
At this price mark, LTC is trading 86% lower than its all-time high in May 2021.
Litecoin Price Analysis: One Day Chart
At the time of writing, LTC was trading at $56. After a solid consolidation, the coin has finally been able to revisit the $56 price mark.
If Litecoin is to remain bullish, it needs to continue trading above its current price zone. The coin will face immediate resistance at $57.
A move above $57 will help LTC touch the $60 price mark. On the other hand, a slight loss in the bullish strength could push the altcoin price down to $53 and then to $50.
Litecoin traded volume was in the green in the previous session. This means that buyers were back on the chart.
The altcoin means that the bulls are back as the demand for altcoins has increased on the one-day chart.
The relative strength index was at 60-mark, which was a bullish sign as buyers outnumbered sellers.
Litecoin price was above the 20-SMA line, which meant increased demand for the coin and also indicated that buyers were driving the price momentum in the market.
Other technical indicators have also leaned towards the view that the bullish trend has led to increased buying power on the one-day charts.
Moving Average Convergence Divergence shows the price momentum and direction of the asset.
The MACD was bullish with a green histogram above the half-line, which was a buy signal for the asset. Bollinger Bands indicate the volatility and volatility in the price of the coin.
The bands had begun to expand, indicating that an upcoming price movement could be a possibility.