Litecoin [LTC] Price Analysis: Coin rides the bull wave after breaching $60 resistance

The fourth largest cryptocurrency by market cap, Litecoin [LTC], managed to breach the much-anticipated $60 resistance mark on 16 March.

At press time, the coin held a market cap of 3.76 billion, and was priced at $61.78. The 24-hour trading volume for the silver crypto was $2.18 billion. Over the past seven days, LTC exhibited a growth of over 6%, against the US Dollar.

Coineal continued to contribute a significant 10.79% of the coin’s 24-hour trading volume via the trading pair LTC/BTC.

1-hour

Source: TradingView

The coin’s one-hour chart showed an uptrend from $51.66 to $55.88, and another from $52.38 to $55.42. The chart also depicted a minor downtrend from $58.39 to $56.18. The coin breached the previously marked resistances, suggesting another bull run in the offing. The support for the coin was found at $54.06 and $53.00.

Bollinger Bands: The bands were expanding, indicating high price volatility for LTC.

Awesome Oscillator: The closing bars of the indicator were red, suggesting bearish price momentum for the coin.

Chaikin Money Flow: The CMF was above the zero-line and indicated that money was flowing into the coin market. Therefore, a bullish price pattern was predicted for the crypto asset.

1-day

Source: TradingView

The one-day LTC chart exhibited an uptrend from $32.79 to $45.68, and a downtrend from $56.63 to $33.70. The immediate resistance for the crypto asset was found at $66.59. Significant support for the coin was found at $31.53.

Parabolic SAR: The dotted markers were aligned below the price candles, picturing a bullish phase for the coin.

MACD: Post a bullish crossover, the MACD line continued to tread above the signal line.

Klinger Oscillator: The KO also sustained a bullish crossover, and the reading line was oriented above the signal line.

Conclusion

The short-term indicators gave mixed projections, while hinting at another potential price breakout. The long-term chart exhibited strong bullish pattern for Litecoin.

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