LTC Price Analysis - A Bullish Movement will Continue

The past week has been Bullish for both BTC/USDT and most of the altcoins. The LTC/USDT pair started heading north after hitting its weekly low near $166 on Tuesday. On Saturday, LTC hit its peak at $192, but then dropped to $183 on Sunday. At the press of time,  LTC/USDT is trading at around $186.

 

If we compare Bitcoin and Litecoin, then last week their increasing rate turned out to be equal and the maximum was 16%. However, looking at the weekly price chart, it can be seen that the Bitcoin price was almost near its ATH in April, while the price of LTC did not even reach its high in September.

 

Since the beginning of 2021, the volatility of Litecoin has increased sharply, and in April and May of this year, the increase over a week could be up to 40% and was significantly ahead of Bitcoin in terms of increasing rate. LTC continued to grow in May, while a correction in BTC price had already begun. However, after the LTC/USDT declined 119% in the late of May, its volatility also decreased.

 

As for the forecasts for the coming week, despite the fact that in many ways the price movement of Litecoin will depend on the "sentiment" of Bitcoin, there are technical indicators that support that LTC/USDT will continue its bullish run.


Looking at the daily price chart, we can see that last week LTC/USDT once again hit a strong resistance level, after which the price bounced down. For the last three weeks, the price has been moving up, forming an uptrend line in the form of support. Now, having rolled back from the resistance line, the price has already reached this level, which currently confluences with the 20-day moving average. If LTC price stays above this line, then a breakout of the resistance line from bottom to top is quite possible. If the price drops below $ 170 in the near future, then the further way to the south will be open.

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On the weekly chart, LTC price is also above the 20-day moving average. The signal lines of the MACD indicator have already formed a golden cross, and the histogram has made a transition to the zone above zero, which is also a possible confirmation of the further bullish movement.

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