- Litecoin is trading in a positive zone above $52 against the US Dollar.
- LTC price is now trading above $55 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $59 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $62 resistance zone.
Litecoin price is rising above $58 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it remains well bid above the $55 level.
Litecoin Price Analysis
In the past few days, there was a slow decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $62 resistance zone and started a downside correction.
There was a move below the $60 and $58 support levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $46.30 swing low to $61.80 high. The price even broke the $55 support zone and the 55 simple moving average (4-hours).
However, the bulls were active near the $52 support zone. It remained strong near the 61.8% Fib retracement level of the upward move from the $46.30 swing low to $61.80 high.
As a result, the price started a fresh increase above the $58 resistance. There was a break above a key bearish trend line with resistance near $59 on the 4-hours chart of the LTC/USD pair. The pair is now trading above $55 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near the $61.00 and $62.00 levels. A clear move above the $62 level could pump the price towards the $65 level. The next major resistance sits near the $70 level.
On the downside, an immediate support is near the $58 level. The next key support is near the $55 level. If there is a downside break below the $55 support, the price could accelerate lower towards the $52 level in the near term.
Looking at the chart, litecoin price is clearly trading above $58 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $62 resistance zone.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.
Key Support Levels – $58 and $55
Key Resistance Levels – $62 and $65.
