Litecoin price found support near the .00 level and remained well bid against the US Dollar.LTC price is currently rising above the .00 level and testing the 55 simple moving average (4-hours).There is a major declining channel forming with resistance near .50 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair is likely to accelerate higher if it clears the .00 and .00 resistance levels in the near term.Litecoin price is trading in a positive zone above .00 against the US Dollar, similar to bitcoin. LTC price is likely to start a fresh rally towards .00 as long as it is above .50.Litecoin Price AnalysisIn the past few sessions, there was a decent upward move in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price
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- Litecoin price found support near the $52.00 level and remained well bid against the US Dollar.
- LTC price is currently rising above the $55.00 level and testing the 55 simple moving average (4-hours).
- There is a major declining channel forming with resistance near $57.50 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to accelerate higher if it clears the $58.00 and $60.00 resistance levels in the near term.
Litecoin price is trading in a positive zone above $52.00 against the US Dollar, similar to bitcoin. LTC price is likely to start a fresh rally towards $65.00 as long as it is above $52.50.
Litecoin Price Analysis
In the past few sessions, there was a decent upward move in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price followed a bearish path and traded below the $55.00 support level.
The price even traded below the $52.50 support and settled below the 55 simple moving average (4-hours). However, the bulls were able to protect more losses below $52.00. A swing low is formed near $51.69 and the price is currently rising.
There was a break above the 50% Fib retracement level of the recent decline from the $59.93 high to $51.69 low. It seems like there is a major declining channel forming with resistance near $57.50 on the 4-hours chart of the LTC/USD pair.
The pair is currently struggling to clear the $57.50 resistance area and the 55 simple moving average (4-hours). The 61.8% Fib retracement level of the recent decline from the $59.93 high to $51.69 low is also acting as a resistance.
If litecoin price breaks the channel resistance and climbs above $58.00, there are chances of a steady increase. The next major resistance is near the $60.00 level, above which the price might test the $64.50 and $65.00 resistance levels.
Conversely, the price might decline again below the $54.00 level. The main support is still near $52.00, below which the price might decline heavily.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly recovering higher and trading nicely above the $52.00 support zone. Therefore, the price is likely to accelerate higher if it clears the $58.00 and $60.00 resistance levels 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 now well above the 50 level.
Key Support Levels – $54.00 and $52.00.
Key Resistance Levels – $58.50 and $60.00.