Litecoin price is slowly gaining bullish momentum above the .00 area against the US Dollar.LTC price is likely to accelerate higher once it clears the .00 resistance area.There was a break above a key contracting triangle with resistance near .05 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair remains well bid above .00 and .20 levels in the near term.Litecoin price is currently gaining bullish momentum against the US Dollar, similar to bitcoin. LTC price could climb higher towards .00 or even .00 if it stays above .20.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 corrected lower from the .47 high and traded below the
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- Litecoin price is slowly gaining bullish momentum above the $38.00 area against the US Dollar.
- LTC price is likely to accelerate higher once it clears the $41.00 resistance area.
- There was a break above a key contracting triangle with resistance near $39.05 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair remains well bid above $38.00 and $37.20 levels in the near term.
Litecoin price is currently gaining bullish momentum against the US Dollar, similar to bitcoin. LTC price could climb higher towards $44.00 or even $47.00 if it stays above $37.20.
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 corrected lower from the $41.47 high and traded below the $38.00 level.
The price traded as low as $36.61 and recently formed a support base near $37.00 for a fresh increase. It gained pace above the $38.00 resistance area and the 55 simple moving average (4-hours).
Moreover, there was a break above the 50% Fib retracement level of the downward move from the $41.47 high to $36.61 low. There was also a break above a key contracting triangle with resistance near $39.05 on the 4-hours chart of the LTC/USD pair.
The pair is now trading above the $39.20 level. It is testing the 61.8% Fib retracement level of the downward move from the $41.47 high to $36.61 low.
If there is an upside break above the $39.60 level, litecoin price might rise towards the $41.00 resistance. Any further gains could open the doors for more upsides towards the $44.00 and $45.00 levels in the near term. The next major resistance is near the $47.00 level.
On the downside an initial support is near the $39.00 level and the 55 simple moving average (4-hours). If the price fails to stay above the 55 SMA, it may perhaps correct lower towards the $37.00 support level. The next key support is near the $35.60 level, below which the price could dive towards the $32.00 level.
Litecoin Price
Looking at the chart, litecoin price is clearly gaining traction and preparing for more gains above $40.00 and $41.00. If it fails to clear $41.00, the bulls are likely to lose control in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.
Key Support Levels – $39.0 and $37.00.
Key Resistance Levels – $41.00 and $44.00.