Litecoin price is currently consolidating losses above the .00 and .00 support levels against the US Dollar.LTC price is currently testing the .20 resistance level and it is well below the 55 simple moving average (4-hours).There is a key contracting triangle forming with resistance near .25 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair must break the .50 and .00 resistance levels to move into a positive zone.Litecoin price is currently consolidating losses above the .00 support against the US Dollar, similar to bitcoin. LTC price is likely to accelerate higher if it clears .00.Litecoin Price AnalysisIn the past two sessions, there were mostly range moves in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC
Topics:
Aayush Jindal considers the following as important: Altcoin News, Litecoin, LTC, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes OSL Strengthens Partnership with Solomon JFZ Ahead of Hong Kong ETF Launch
Temitope Olatunji writes Japanese Metaplanet’s Purchase of Bitcoin Worth .25M Signals Growing Corporate Adoption
Godfrey Benjamin writes Here Are 3 Major Recent Cardano (ADA) Upgrades to Know
Steve Muchoki writes BNY Mellon Invests in Spot Bitcoin ETFs from BlackRock and Grayscale
- Litecoin price is currently consolidating losses above the $45.00 and $46.00 support levels against the US Dollar.
- LTC price is currently testing the $49.20 resistance level and it is well below the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $49.25 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair must break the $49.50 and $50.00 resistance levels to move into a positive zone.
Litecoin price is currently consolidating losses above the $45.00 support against the US Dollar, similar to bitcoin. LTC price is likely to accelerate higher if it clears $50.00.
Litecoin Price Analysis
In the past two sessions, there were mostly range moves in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price declined heavily below the $55.00 support level and the 55 simple moving average (4-hours).
The decline gained pace below the $50.00 support and it traded to a new multi-week low at $45.19. Recently, the price started consolidating losses above the $45.00 and $46.00 support levels.
It is currently testing the $49.20 resistance level. The stated resistance coincides with the 23.6% Fib retracement level of the downward move from the $64.36 high to $45.19 low. There is also a key contracting triangle forming with resistance near $49.25 on the 4-hours chart of the LTC/USD pair.
If there is an upside break above the triangle resistance at $49.50, the price could surge above the $50.00 resistance zone. The next major resistance is near the $52.00 level and the 55 simple moving average (4-hours).
Any further gains could lead the price towards the $54.75 and $55.00 resistance levels. The 50% Fib retracement level of the downward move from the $64.36 high to $45.19 low is also near the $54.78 level to act as a hurdle.
Conversely, the price might fail to surpass the $49.50 and $50.00 resistance levels. An initial support is near the $47.50 level. The main support is near the triangle lower trend line and the $46.00 level. A clear close below $46.00 may perhaps open the doors for a push towards the $40.00 support.
Litecoin Price
Looking at the chart, litecoin price is clearly approaching the next major break near the $50.00 level. Overall, the price must break the $49.50 and $50.00 resistance levels to move into a positive zone in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently just above the 50 level.
Key Support Levels – $47.50 and $46.00.
Key Resistance Levels – $49.50 and $50.00.