Litecoin Price Analysis: LTC Continues a Price Recovery; Eyeing for $40

LTC price has been improved significantly in the last few days. Though there have been on-going price ups and downs, its value has gone near $40 mark. It has been up by 5.44% in the last 24 hours. From yesterday, the currency started trading upwards and it has continued till today.

LTC/USD Price Chart

On yesterday, Litecoin price was at $37.26 in the initial hour, and over the next eleven and a half hours, the price escalated by 5.77% and moved to $39.41. However, since then, LTC witnessed numerous price fluctuations. By 16:04 UTC, the price got narrowed down by 1.80% and touched $38.70. And from this price point, Litecoin started recovery. The last major price movement occurred between 16:04 & 01:27 UTC. In these 9 hours and 23 minutes, the coin added $0.56 and touched $39.26.

Currently, the currency is trading with bullish influence with having support from daily moving averages namely, 20 days MA ($39.21) and 50 days MA ($39.24). The RSI of LTC stands around 59.91 points, and the current bullish trend is likely to stay for some more days. We predict the next halting point for Litecoin at $40.63. However, investors need to be cautious of a few price swings in the short-term price movement. And if the coin reverses the current momentum, the price may find support around $37.82.