Litecoin price found support near .50 and it is currently correcting higher against the US Dollar.LTC price is likely to face a lot of hurdles on the upside near .50 and .00.There is a major bearish trend line forming with resistance near .20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair could struggle to clear the .00 resistance, above which it might rally to .80.Litecoin price is showing signs of an upside correction against the US Dollar, similar to bitcoin. LTC price must clear the .00 hurdle to start a sustained upward move in the near term.Litecoin Price AnalysisThis past week, there was a fresh decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price traded below the .00 support level and settled below
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- Litecoin price found support near $41.50 and it is currently correcting higher against the US Dollar.
- LTC price is likely to face a lot of hurdles on the upside near $44.50 and $45.00.
- There is a major bearish trend line forming with resistance near $45.20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could struggle to clear the $45.00 resistance, above which it might rally to $48.80.
Litecoin price is showing signs of an upside correction against the US Dollar, similar to bitcoin. LTC price must clear the $45.00 hurdle to start a sustained upward move in the near term.
Litecoin Price Analysis
This past week, there was a fresh decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price traded below the $44.00 support level and settled below the 55 simple moving average (4-hours).
It traded as low as $41.57 and recently formed a decent support base near the $42.00 level. The price is currently correcting higher and trading above $43.00. There was a break above the 23.6% Fib retracement level of the recent decline from the $47.48 high to $41.57 low.
Litecoin price is now trading near the $43.50 resistance and the 55 simple moving average (4-hours). On the upside, there is a strong resistance forming near the $44.50 and $45.00 levels.
There is a major bearish trend line forming with resistance near $45.20 on the 4-hours chart of the LTC/USD pair. The 50% Fib retracement level of the recent decline from the $47.48 high to $41.57 low is also near the $44.53 level to act as a resistance.
To move into a positive zone, the price must clear the $44.50 and $45.00 resistance levels. If the bulls succeed in gaining strength, the price is likely to surge higher towards the $48.00 and $48.80 levels.
Conversely, the price might fail to clear the $45.00 resistance. In the mentioned case, there are chances of a fresh decline towards the $42.00 and $41.50 support levels. The main support is still near the $41.00 and $40.00 levels.
Litecoin Price
Looking at the chart, litecoin price is clearly approaching a major hurdle near the $45.00 level, above which it could start a strong increase. If not, it might slide back towards the $42.00 level.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly moving into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level and correcting from 60.
Key Support Levels – $41.50 and $40.00.
Key Resistance Levels – $45.00 and $48.00.