Litecoin (LTC) Price Analysis: Currency is under Bullish Pressure

Litecoin (LTC) Price Analysis: Currency is under Bullish pressure

LTC/USD Price Medium-term Trend: Bullish

Supply levels: $29, $32, $35

Demand level: $25, $22, $18,

On the 4-Hour chart, the LTC price is bullish. The cryptocurrency found its low at $22 price level on December 7 after which it entered a range-bound movement between the demand levels of $25 and $22. The sideways movement continued till December 15. The first Japanese candle on the opening of the market on the 4-Hour chart yesterday was a strong bullish candle that broke the former supply level upside. It consolidated for few hours above the broken level.

Today, the formation of strong bullish candles indicates that the bulls have taken over the LTC market with increased momentum that broken the supply level of $29 upside. The 21-day EMA is crossing the 50-day EMA upside coupled with the LTC price above the two EMAs is an indication that the trend is changing to bullish. The Relative Strength Index is above 75 levels pointing to the north indicates strong buy signal and high momentum of the bulls.

LTC/USD Price short-term Trend: Bullish

On the short term trend, the LTC price is bullish. The strong massive bullish candle formed yesterday brought out the coin from consolidation zone. The candle broke and closed above the former supply level of $25 after which the retest was carried out for the uptrend to continue. The bulls were in full control of the LTC market as at now. Today, the LTC price is increasing as more bullish candles are emerging which has broken the $29 price level upside.

The 21-day EMA has crossed the 50-day EMA which connotes that the trend has changed to an uptrend. The price is currently above the two EMAs and with a distance from EMAs shows that bullish pressure is increasing. The relative strength index period 14 is above 75 levels pointing to the north which indicates that there is a strong bullish momentum and buys signal.   

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