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

Litecoin worth witnessed a rise in worth over the past 24 hours. Prior to now 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 accountable for the worth.

That prompted 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 assist for itself on the $53 worth mark.

Presently, LTC trades at an important worth mark because the coin has struggled to maneuver previous this worth stage for the previous a number of weeks.

If the bulls fail to maintain the worth on the present worth, a fall via the $53 assist line will carry 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 in a position to 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 instant resistance at $57.

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

The quantity of Litecoin traded previously session was within the inexperienced. Because of this the patrons 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 patrons 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 patrons have been driving the worth momentum available in the market.

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

The Shifting Common Convergence Divergence shows the worth momentum and the route 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 worth fluctuations and volatility of the coin.

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