Home / Altcoins / Litecoin (LTC) Price Analysis: Key Supports Nearby, Bulls In Control

Litecoin (LTC) Price Analysis: Key Supports Nearby, Bulls In Control

Summary:
Litecoin price traded above the .00 and .00 resistance levels against the US Dollar.LTC price is currently trading above the .50 support level and the 55 simple moving average (4-hours).There is a major bullish trend line forming with support near .60 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair is likely to resume its upward move unless it breaks the .50 support zone in the near term.Litecoin price is showing positive signs above .00 against the US Dollar, similar to bitcoin. LTC price resume its rise above the .00 and .50 resistance levels.Litecoin Price AnalysisIn the past few sessions, there was a minor decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price gained pace above the main .50

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  • Litecoin price traded above the $48.00 and $50.00 resistance levels against the US Dollar.
  • LTC price is currently trading above the $48.50 support level and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $48.60 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to resume its upward move unless it breaks the $48.50 support zone in the near term.

Litecoin price is showing positive signs above $48.00 against the US Dollar, similar to bitcoin. LTC price resume its rise above the $50.00 and $51.50 resistance levels.

Litecoin Price Analysis

In the past few sessions, there was a minor decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price gained pace above the main $48.50 resistance level to move into a positive zone.

The bulls remained active, resulting in a push above the $50.00 level and the 55 simple moving average (4-hours). The price traded to a new monthly high at $51.53 before it started a downside correction.

There was a break below the $50.50 and $50.00 levels. The price even declined below the 23.6% Fib retracement level of the upward move from the $45.09 low to $51.53 high. However, there are many important supports on the downside, starting with $48.80.

There is also a major bullish trend line forming with support near $48.60 on the 4-hours chart of the LTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $45.09 low to $51.53 high.

Moreover, the 55 simple moving average (4-hours) is also near the trend line and $48.50. If there is a clear break below the trend line support and the $48.50 level, there is a risk of a larger downside correction. The next major support is near the $47.50, below which the price could revisit $45.50.

On the upside, the price is facing a minor hurdle near the $50.00 level. The first major resistance is near the $51.50 level. A clear break above the $51.50 resistance could open the doors for more upsides.

Litecoin (LTC) Price

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading nicely above the $48.50 support level and the 55 simple moving average (4-hours). Overall, the price is likely to resume its upward move unless it breaks the $48.50 support zone in the near term.

Technical indicators

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

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

Key Support Levels – $48.50 and $47.50.

Key Resistance Levels – $50.00 and $51.50.

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