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Litecoin (LTC) Price Analysis: Holding Key Uptrend Support At $55

Summary:
Litecoin price traded to a new monthly high at .92 before correcting lower 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 below a major ascending channel with support near .15 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair is likely to continue higher if it stays above the .00 support in the near term.Litecoin price is correcting gains from the .00 zone against the US Dollar, similar to bitcoin. LTC price is likely to resume its upward move as long as it stays above .00.Litecoin Price AnalysisIn the past two sessions, there was a downside correction in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price gained pace and

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  • Litecoin price traded to a new monthly high at $60.92 before correcting lower against the US Dollar.
  • LTC price is currently trading above the $55.00 support level and the 55 simple moving average (4-hours).
  • There was a break below a major ascending channel with support near $56.15 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher if it stays above the $55.00 support in the near term.

Litecoin price is correcting gains from the $61.00 zone against the US Dollar, similar to bitcoin. LTC price is likely to resume its upward move as long as it stays above $55.00.

Litecoin Price Analysis

In the past two sessions, there was a downside correction in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price gained pace and climbed higher above the $55.00 resistance level.

The price even broke the $58.00 resistance and settled well above the 55 simple moving average (4-hours). It even spiked above the $60.00 resistance and traded to a new monthly high at $60.92. Recently, there was a downside correction below the $58.00 support level.

There was also a break below a major ascending channel with support near $56.15 on the 4-hours chart of the LTC/USD pair. The pair tested the $54.00 support level. It is currently trading above the $55.00 support level and the 55 simple moving average (4-hours).

An initial resistance is near the broken channel support, and the 23.6% Fib retracement level of the recent decline from the $60.92 high to $54.64 low.

The next major resistance is near the $57.80 and $58.00 levels. The 50% Fib retracement level of the recent decline from the $60.92 high to $54.64 low is also near $57.80. Therefore, a close above the $58.00 resistance is needed for a fresh increase in the coming sessions.

The next major hurdle on the upside is near the $60.00 and $61.00 levels. Conversely, the price could fail to climb above $58.00 and resume its decline. An initial support is near the $55.0 level and the 55 simple moving average (4-hours).

The first major support is near the $54.00 level. Any further losses could lead the price towards the main $51.20 and $51.00 support levels.

Litecoin Price

Litecoin Price

Looking at the chart, litecoin price is clearly holding the $55.00 support and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if it stays above the $55.00 support in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is currently losing momentum in the bearish zone.

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

Key Support Levels – $55.00 and $54.00.

Key Resistance Levels – $56.50 and $58.00.

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