Home / Altcoins / Litecoin (LTC) Price Analysis: Bulls Eyeing Upside Break Above $48

Litecoin (LTC) Price Analysis: Bulls Eyeing Upside Break Above $48

Summary:
Litecoin price is slowly recovering and trading above the .00 resistance zone against the US Dollar.LTC price is now trading above .20 and the 55 simple moving average (4-hours).There was a break above a major bearish trend line with resistance near .85 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair is likely to continue higher if it clears the key .30 resistance zone in the near term.Litecoin price is currently showing positive signs above .00 against the US Dollar, similar to bitcoin. LTC price could rally if it clears .30 and .00.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 formed a support base above the .00 level and

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  • Litecoin price is slowly recovering and trading above the $45.00 resistance zone against the US Dollar.
  • LTC price is now trading above $46.20 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $45.85 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher if it clears the key $47.30 resistance zone in the near term.

Litecoin price is currently showing positive signs above $45.00 against the US Dollar, similar to bitcoin. LTC price could rally if it clears $47.30 and $48.00.

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 support base above the $43.00 level and started a decent upward move.

There was a break above the key $45.00 resistance level to start the current recovery wave. Moreover, there was a break above a major bearish trend line with resistance near $45.85 on the 4-hours chart of the LTC/USD pair. The pair is now trading above $46.20 and the 55 simple moving average (4-hours).

A high is formed near $47.14 and the price is facing a major hurdle near $47.30. There was a minor downside correction below $46.00 level. The price dipped below the 23.6% Fib retracement level of the recent wave from the $41.65 low to $47.14 high.

However, the price remained well bid above the $45.00 support and the broken bearish trend line. It also remained above the 50% Fib retracement level of the recent wave from the $41.65 low to $47.14 high.

The price is currently rising and approaching the key $47.30 resistance level. A clear break above the $47.30 and $48.00 levels is must for a sustained upward move. The next key resistance is near $50.00, above which the price could rally towards the $52.00 and $52.50 levels.

Conversely, the price might fail to continue higher above $47.30 or $48.00. An initial support on the downside is near the $45.00 level and the 55 simple moving average (4-hours).

The next major support is near the $44.40 level, below which the bears are likely to aim a test of the key $42.80 support level (a multi-touch zone).

Litecoin (LTC) Price

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly recovering and trading above the $45.00 resistance zone. Overall, the price is likely to continue higher if it clears the key $47.30 resistance zone.

Technical indicators

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

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

Key Support Levels – $45.00 and $42.80.

Key Resistance Levels – $47.30 and $48.00.

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