Litecoin price started a fresh increase from the .50 and .00 support levels against the US Dollar.LTC price is now trading nicely above the .00 level and the 55 simple moving average (4-hours).There was a break above a significant bearish trend line with resistance near .30 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair is currently consolidating near the .50 resistance and it could continue to rise.Litecoin price is rising again and trading above .00 against the US Dollar, similar to bitcoin. LTC price is likely to settle above .50 and it could rise towards .00 in the near term.Litecoin Price AnalysisIn the past few sessions, there was a steady rise in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price
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- Litecoin price started a fresh increase from the $40.50 and $40.00 support levels against the US Dollar.
- LTC price is now trading nicely above the $44.00 level and the 55 simple moving average (4-hours).
- There was a break above a significant bearish trend line with resistance near $42.30 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is currently consolidating near the $45.50 resistance and it could continue to rise.
Litecoin price is rising again and trading above $44.00 against the US Dollar, similar to bitcoin. LTC price is likely to settle above $45.50 and it could rise towards $50.00 in the near term.
Litecoin Price Analysis
In the past few sessions, there was a steady rise in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price formed a strong support base near the $40.00 and $40.50 levels.
It started a fresh increase after it surpassed the $42.00 resistance level and the 55 simple moving average (4-hours). Moreover, there was a break above a significant bearish trend line with resistance near $42.30 on the 4-hours chart of the LTC/USD pair.
The pair even surged above the $44.00 and $45.00 levels. A high is formed near $45.65 and the price is currently consolidating gains near the $45.50 level. It corrected below the 23.6% Fib retracement level of the recent wave from the $42.87 low to $45.65 high.
On the downside, there is a strong support forming near the $44.20 and $44.00 levels. The 50% Fib retracement level of the recent wave from the $42.87 low to $45.65 high is also at $44.26.
If there is a downside break below the green zone at $44.00, there is a risk of a larger correction towards the $43.20 level. The main support is now forming near the $42.00 level.
Conversely, the price may perhaps start a fresh increase above the $45.50 and $46.00 levels. A successful close above the $46.00 level could open the doors for a push towards the next major hurdle at $50.00 in the near term.
Litecoin Price
Looking at the chart, litecoin price is clearly trading near a crucial resistance at $45.50. It could either continue to rise towards the $50.00 level or it might start a major downside correction towards the $42.20 level.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently correcting lower towards the 60 level.
Key Support Levels – $44.20 and $42.20.
Key Resistance Levels – $45.50 and $50.00.