Litecoin price gained bullish momentum above the .00 and .00 resistance levels against the US Dollar.LTC price traded to a new monthly high at .07 and settled above the 55 simple moving average (4-hours).There is a short-term contracting triangle forming with resistance near .50 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair could start a fresh rally if it clears the .50 and .00 resistance levels in the near term.Litecoin price is trading in a strong uptrend above .00 against the US Dollar, similar to bitcoin. LTC price is likely to continue higher towards .00 as long as it is above .00.Litecoin Price AnalysisIn the past few days, there was a strong increase in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier,
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- Litecoin price gained bullish momentum above the $45.00 and $50.00 resistance levels against the US Dollar.
- LTC price traded to a new monthly high at $58.07 and settled above the 55 simple moving average (4-hours).
- There is a short-term contracting triangle forming with resistance near $55.50 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a fresh rally if it clears the $55.50 and $56.00 resistance levels in the near term.
Litecoin price is trading in a strong uptrend above $50.00 against the US Dollar, similar to bitcoin. LTC price is likely to continue higher towards $60.00 as long as it is above $52.00.
Litecoin Price Analysis
In the past few days, there was a strong increase in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price broke the key $45.00 resistance area to move into a positive zone.
It opened the doors for more gains above the $50.00 resistance and the 55 simple moving average (4-hours). The price gained traction and climbed above the $52.00 and $55.00 resistance levels. A new monthly high is formed near $58.07 and the price recently corrected lower.
It broke the $56.00 level, plus traded below the 23.6% Fib retracement level of the recent increase from the $46.98 swing low to $58.07 high. At the moment, there is a short-term contracting triangle forming with resistance near $55.50 on the 4-hours chart of the LTC/USD pair.
If the pair breaks the triangle resistance, it could start a fresh increase above $55.50. The first major resistance is near the $57.00 level. The main hurdle is near the $58.00 level, above which the price could rally towards the $60.00 level. Any further gains might call for a test of the $62.00 level.
Conversely, the price may perhaps fail to clear the $55.50 resistance. An initial support is near the $54.00 level and the tringle lower trend line. If there is a downside break, the price could test the $52.50 and $52.00 support levels.
Litecoin Price
Looking at the chart, litecoin price is consolidating gains above the $54.00 and $52.00 support levels. In the short-term, there could be a downside correction, but the price is likely to resume its upside unless there is a close below $50.00.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well above the 60 level.
Key Support Levels – $54.00 and $52.00.
Key Resistance Levels – $55.50 and $57.00.