LTC Investors Defy the Downtrend, Pushing Up Prices by Over 17.06%

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• Litecoin (LTC) has climbed 17.06 % in the previous 24 hours.
• LTC prices are likely to rise higher, according to technical indicators.
• Bears are fatigued as bulls manage to raise LTC prices.

Litecoin bulls have taken the lead, propelling prices higher in the last 24 hours. During this upswing, LTC found support at $52.89 and encountered resistance at $63.48, its intraday high.

The digital currency is now worth $62.37, a 17.06 % increase.

The market capitalization surged by 14.62% to $4,398,798,648 while the 1-day trading volume decreased by 9.27% to $1,592,180,385.

LTC /USD 1-day price chart (Source: CoinMarketCap)

The Keltner Channels bands are trending higher, reflecting an upward trend in the LTC market; the upper band is at 67.36, while the bottom band is at 51.68. The market price is shifting toward the upper band, which is validating this market stance.

The William Percent Range, with a reading of -9.78 and pointing upwards, indicates that LTC has been trading at the top of the period’s high-low range during the 4 hours. Adding on an extreme value close to 0 indicates that the price is trading near or above the highest high for the timeframe.

Despite being in the negative sector with a reading of -1.34, the MACD blue line suggests another bull run by crossing over the signal line. The histogram trend is positive, which reinforces this pattern.

LTC/USD 4-hour price chart (Source: CoinMarketCap)

As the 5-day MA rises over the 20-day MA, a golden cross pattern emerges. The 5-day moving average is at 60.22, while the 20-day moving average is at 58.49. Price activity above both moving averages also predicts this bullish run.

The bullish advance of the Elder Force Index (EFI) with a reading of 218.257k further validates this market sentiment.

LTC/USD 4-hour price chart (Source: CoinMarketCap)

To sustain the current market’s upward trend, the bulls must hold the resistance level and prevent the bears from seizing the market.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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