After much dismay and battle between the negative and bullish momentum, bulls have finally regained control of the market, leading the cryptocurrency to new highs, according to Litecoin price research. According to our earlier study, the price of Litecoin rose as high as $146.61, only to fall to lesser highs around the $142.44 level today. However, following a three-dollar loss earlier today, the bullish momentum is rapidly gaining negative momentum.
Analysis of the Litecoin price over the last four hours indicates a head and shoulders pattern.
On the four-hour candlestick chart, a modest reserve head and shoulder momentum are developing. The candlestick chart suggests that negative momentum is giving way to a bullish rise in the next hours, which may push the price back up to $147.50.
The chart’s trading volume also indicates a favorable condition for the bullish momentum to seize control of the market and drive the price higher. The trading volume is largely in the greens, indicating that the tiny bearish pattern for the LTC/USD pair is currently breaking away, and the market is moving in a positive direction.
On a one-day chart, the price of Litecoin is steadily increasing.
The LTC/USD one-day chart likewise shows a strong bullish momentum taking over the market in the second part of the day. In the hours ahead, the chart suggests a continuous rise in the price of Litecoin.
In the last several days, the cryptocurrency’s trading volume has shown a promising bullish trend with little negative signals here and there. As a result, the LTC/USD pair has been largely positive over the last 24-hours, and if bulls can sustain the present support levels found at $142, LTC/USD may go as high as $150.
Furthermore, compared to the previous few days, the Bollinger band for the coin shows a modest rise in volatility today. The somewhat greater volatility allows for indications of negative momentum amid the generally positive momentum, but not enough for bears to take control of the market. At the time of writing, the pair’s relative strength index (RSI) is at 60, indicating high trading volume.
Nine indications are in the buy position, seven are in the neutral position, and ten are in the sell position out of 26 indicators. Six oscillator indications are neutral, one is buying, and four are selling, driving the market upward.
However, six of the 11 oscillator indications are neutral, one is buying, and four are selling, driving the market to sell. However, eight of the 15 moving average indicators are in the buy position, one is in the neutral position, and six are in the sell position, pushing the market in the direction of purchasing. Because of the discrepancies in the indicators, the overall market stance is neutral.
The price of Litecoin is now moving in a positive trend, and if the pattern is not disrupted by bearish momentum, the cryptocurrency is expected to achieve a new high of $147, and maybe even higher at $150. However, if the bullish momentum fails to hold present support levels, the price will most certainly fall below $140 before retesting the new highs.