Litecoin price started a strong upward move above the .50 and .00 resistance levels against the US Dollar.LTC price is currently trading above the .00 support level and the 55 simple moving average (4-hours).There was a break above a major contracting triangle with resistance near .00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair is likely to continue higher above .50 and .50 in the near term.Litecoin price is trading in a strong uptrend above .00 against the US Dollar, similar to bitcoin. LTC price is likely to continue higher as long as it is above .00 and .00.Litecoin Price AnalysisIn the past few sessions, there was a strong rally in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price formed a
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- Litecoin price started a strong upward move above the $48.50 and $50.00 resistance levels against the US Dollar.
- LTC price is currently trading above the $54.00 support level and the 55 simple moving average (4-hours).
- There was a break above a major contracting triangle with resistance near $48.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to continue higher above $55.50 and $56.50 in the near term.
Litecoin price is trading in a strong uptrend above $50.00 against the US Dollar, similar to bitcoin. LTC price is likely to continue higher as long as it is above $52.00 and $50.00.
Litecoin Price Analysis
In the past few sessions, there was a strong rally in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price formed a support base above the $45.50 and $47.50 levels.
To start the current rally, there was a break above a major contracting triangle with resistance near $48.00 on the 4-hours chart of the LTC/USD pair. The pair gained pace above the $50.00 resistance and it settled well above the 55 simple moving average (4-hours).
There was also a break above the 76.4% Fib retracement level of the key decline from the $51.58 high to $45.67 low. It opened the doors for more gains above the $51.58 high and the $52.50 resistance.
The price even spiked above the $55.00 resistance. It is now testing the 1.618 Fib extension level of the key decline from the $51.58 high to $45.67 low. If there are more gains, the price is likely to test the $56.50 resistance. The next major resistance is near the $58.00 level, above which the price might revisit the $60.00 resistance.
If there is a downside correction, the $54.00 level is an initial support. The first major support is near the $53.00 level. Any further losses could lead the price towards the main $51.20 and $51.00 support levels.
Litecoin Price
Looking at the chart, litecoin price is clearly trading in a strong uptrend above $52.00 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above $55.50 and $56.50 in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently well above 70 and it is in the overbought zone.
Key Support Levels – $54.00 and $51.20.
Key Resistance Levels – $56.50 and $58.00.