Home / Altcoins / Litecoin (LTC) Price Analysis: Key Support Nearby at $57

Litecoin (LTC) Price Analysis: Key Support Nearby at $57

Summary:
Litecoin price started a downside correction after testing the .00 resistance against the US Dollar.LTC price is currently testing the .00 support and the 55 simple moving average (4-hours).There is a key contracting triangle forming with resistance near .00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair is likely to resume its rise if it clears the .00 resistance level in the near term.Litecoin price is correcting gains and trading near .00 against the US Dollar, while bitcoin jumped towards k. LTC price could start a fresh increase if it settles above .00.Litecoin Price AnalysisAfter a steady rise, bitcoin, Ethereum, ripple, and litecoin corrected lower against the US Dollar. Earlier, LTC price gained bullish momentum above the .00

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  • Litecoin price started a downside correction after testing the $65.00 resistance against the US Dollar.
  • LTC price is currently testing the $58.00 support and the 55 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $60.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to resume its rise if it clears the $60.00 resistance level in the near term.

Litecoin price is correcting gains and trading near $58.00 against the US Dollar, while bitcoin jumped towards $16k. LTC price could start a fresh increase if it settles above $60.00.

Litecoin Price Analysis

After a steady rise, bitcoin, Ethereum, ripple, and litecoin corrected lower against the US Dollar. Earlier, LTC price gained bullish momentum above the $60.00 resistance level and the 55 simple moving average (4-hours).

However, the price struggled to clear the $65.00 resistance zone. A high was formed near $64.91 and the price started a downside correction. There was a break below the $62.00 support, plus the price traded below the 23.6% Fib retracement level of the upward move from the $51.66 low to $64.91 high.

The price is now testing the $58.00 support and the 55 simple moving average (4-hours). It is also holding the 50% Fib retracement level of the upward move from the $51.66 low to $64.91 high.

More importantly, it seems like there is a key contracting triangle forming with resistance near $60.00 on the 4-hours chart of the LTC/USD pair. If there is a clear break above the triangle resistance at $60.00, the price could resume its upward move.

The next major resistance is near the $62.00 level, above which the bulls are likely to aim a break above the key $65.00 resistance zone.

Conversely, the price break the 55 simple moving average (4-hours) and the triangle support at $57.00. The first major support is near the $55.00 level. Any further losses could lead the price towards the main $51.50 support.

Litecoin (LTC) Price

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly holding the key $57.00 support and the 55 simple moving average (4-hours). Overall, the price is likely to resume its rise if it clears the $60.00 resistance level in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is currently gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.

Key Support Levels – $58.00 and $57.00.

Key Resistance Levels – $60.00 and $62.00.

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