Litecoin price started a steady increase above the .00 resistance against the US Dollar.LTC price traded close to .00 and it settled above the 55 simple moving average (4-hours).There is a major bullish trend line forming with support near .70 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair is likely to resume its rise if it clears the .00 resistance level in the near term.Litecoin price is showing positive signs above .00 against the US Dollar, similar to bitcoin. LTC price remains well supported and it could aim a break above .00.Litecoin Price AnalysisThis week, there was a strong rise in bitcoin, Ethereum, ripple, and litecoin corrected lower against the US Dollar. Earlier, LTC price formed a strong support base above the .00 level.The
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- Litecoin price started a steady increase above the $70.00 resistance against the US Dollar.
- LTC price traded close to $78.00 and it settled above the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $66.70 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to resume its rise if it clears the $76.00 resistance level in the near term.
Litecoin price is showing positive signs above $70.00 against the US Dollar, similar to bitcoin. LTC price remains well supported and it could aim a break above $80.00.
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 formed a strong support base above the $65.00 level.
The price started a strong increase above the $70.00 resistance and the 55 simple moving average (4-hours). It even broke the $75.00 level and traded to a new monthly high near $77.21. Recently, there was a downside correction below the $75.00 support.
The price traded below the 23.6% Fib retracement level of the upward wave from the $61.08 swing low to $77.21 high. However, the bulls were able to protect the $70.00 support.
The 50% Fib retracement level of the upward wave from the $61.08 swing low to $77.21 high is also acting as a decent support. Moreover, there is a major bullish trend line forming with support near $66.70 on the 4-hours chart of the LTC/USD pair.
The 55 simple moving average (4-hours) is also positioned close to the trend line and $65.00. Any more downsides could start a strong decline towards the $58.00 level.
Conversely, the price is likely to continue higher above the $76.00 resistance level. The next major resistance is near the $78.00 level, above which the bulls are likely to aim a clear break above the $80.00 resistance level in the coming days.
Litecoin Price
Looking at the chart, litecoin price is clearly holding the key $70.00 support and the 55 simple moving average (4-hours). Overall, the price is likely to resume its rise if it clears the $76.00 resistance level in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is still well above the 50 level.
Key Support Levels – $70.00 and $67.00.
Key Resistance Levels – $76.00 and $80.00.