Litecoin price surged above .00 and traded as high as .09 against the US Dollar.LTC price started a sharp downside correction below .00 and the 55 simple moving average (4-hours).There is a key bullish trend line forming with support near .00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair remains well supported as long as there is no close below the .00 support zone.Litecoin price is currently correcting gains from .00 against the US Dollar, similar to bitcoin. LTC price is likely to bounce back unless it breaks the .00 support.Litecoin Price AnalysisThis week, there was a strong rise in bitcoin, Ethereum, ripple, and litecoin corrected lower against the US Dollar. Earlier, LTC price broke the .00 and .00 resistance levels to move
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- Litecoin price surged above $85.00 and traded as high as $94.09 against the US Dollar.
- LTC price started a sharp downside correction below $80.00 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $71.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair remains well supported as long as there is no close below the $70.00 support zone.
Litecoin price is currently correcting gains from $94.00 against the US Dollar, similar to bitcoin. LTC price is likely to bounce back unless it breaks the $70.00 support.
Litecoin Price Analysis
This week, there was a strong rise in bitcoin, Ethereum, ripple, and litecoin corrected lower against the US Dollar. Earlier, LTC price broke the $75.00 and $80.00 resistance levels to move further into a positive zone.
The price even broke the $90.00 resistance level and settled above the 55 simple moving average (4-hours). However, there was no test of the $100.00 resistance. The price traded as high as $94.09 and recently started a sharp downside correction.
There was a break below the $80.00 support level and the 55 simple moving average (4-hours). The price even broke the $74.00 support and traded as low as $71.19.
It is currently correcting higher and trading above $75.00. Litecoin is testing the 23.6% Fib retracement level of the recent decline from the $94.09 high to $71.19 low. The first major resistance on the upside is near the $80.00 level (the recent breakdown zone).
The main resistance is forming near the $82.00 level and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the recent decline from the $94.09 high to $71.19 low.
A clear break above the $80.00 and $82.00 resistance levels may perhaps start a fresh increase in the coming sessions. Conversely, the price is likely to continue lower below the $75.00 level. On the downside, there is a major support forming near $72.00 and $70.00.
There is also a key bullish trend line forming with support near $71.00 on the 4-hours chart of the LTC/USD pair. A downside break below the trend line support and then $70.00 could accelerate losses.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly correcting gains from $94.00. Overall, the price remains well supported as long as there is no close below the $70.00 support zone.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well below the 50 level.
Key Support Levels – $72.00 and $70.00.
Key Resistance Levels – $80.00 and $82.00.