Saturday , July 2 2022
Home / Altcoins / Litecoin (LTC) Price Analysis: Can Bulls Overcome This Hurdle?

Litecoin (LTC) Price Analysis: Can Bulls Overcome This Hurdle?

Summary:
Litecoin price is trading higher after it formed a support base near .0 against the US Dollar.LTC price is now facing a couple of key hurdles near the .50 and .60 levels.There is a key bearish trend line forming with resistance near .05 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair must surpass the .00 and .50 resistance levels to start a strong uptrend.Litecoin price is facing a couple of key hurdles against the US Dollar, similar to bitcoin. LTC price might struggle to continue higher above .20 and .50 in the near term.Litecoin Price AnalysisThis past week, there was a bearish reaction in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price declined below the .50 support level, but it remained well bid above the

Topics:
Aayush Jindal considers the following as important: , , , ,

This could be interesting, too:

Nick Marinoff writes New York Suggests Two-Year Moratorium on Crypto Mining

Nick Marinoff writes Elizabeth Warren Attacks Fidelity for Allowing Crypto Retirement Investing

Nick Marinoff writes Luxury Enterprise Gucci Says “Yes” to Crypto Payments

Aayush Jindal writes Ethereum Price Analysis: ETH Could Nosedive Below K

  • Litecoin price is trading higher after it formed a support base near $40.0 against the US Dollar.
  • LTC price is now facing a couple of key hurdles near the $42.50 and $42.60 levels.
  • There is a key bearish trend line forming with resistance near $43.05 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair must surpass the $43.00 and $44.50 resistance levels to start a strong uptrend.

Litecoin price is facing a couple of key hurdles against the US Dollar, similar to bitcoin. LTC price might struggle to continue higher above $43.20 and $44.50 in the near term.

Litecoin Price Analysis

This past week, there was a bearish reaction in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price declined below the $40.50 support level, but it remained well bid above the $39.50 and $38.00 support levels.

A low is formed near $39.54 and the price is currently rising. It surpassed the $41.00 resistance area and the 55 simple moving average (4-hours). Besides, there was a break above the 23.6% Fib retracement level of the downward move from the $44.53 high to $39.54 low.

However, it is currently facing hurdles near the $42.00 and $42.05 levels. The 50% Fib retracement level of the downward move from the $44.53 high to $39.54 low is also acting as a strong resistance.

There is also a key bearish trend line forming with resistance near $43.05 on the 4-hours chart of the LTC/USD pair. Therefore, litecoin price must surpass the $42.00 and $43.00 resistance levels to continue higher.

The main resistance is still near $44.50, above which the price is likely to start a strong rise in the coming sessions. In the mentioned case, the price is likely to surge towards the $47.50 and $48.00 levels in the near term.

Conversely, the bulls might fail to gain strength above the $43.00 resistance area. In the mentioned case, the price could retreat lower towards the $40.00 level. The main supports are near the $39.50 and $38.00 levels, below which there could be a sharp decline to $35.00.

Litecoin Price

Litecoin Price

Looking at the chart, litecoin price is clearly facing a few important hurdles near $42.00 and $43.00. It could either start a strong rally above $43.00 or it might dive back towards $38.50 or even $35.00.

Technical indicators

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

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

Key Support Levels – $39.50 and $38.00.

Key Resistance Levels – $43.00 and $44.50.

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *