Sunday , October 2 2022
Home / Altcoins / Litecoin (LTC) Price Analysis: More Gains Possible Above $60

Litecoin (LTC) Price Analysis: More Gains Possible Above $60

Summary:
Litecoin is trading in a positive zone above against the US Dollar. LTC price is now trading above and the 55 simple moving average (4-hours). There was a break above a key bearish trend line with resistance near on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair could gain bullish momentum if it clears the resistance zone. Litecoin price is rising above against the US Dollar, similar to bitcoin. LTC price could continue to move up if it remains well bid above the level. Litecoin Price Analysis In the past few days, there was a slow decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the resistance zone and started a downside correction. There was a move below

Topics:
Aayush Jindal considers the following as important: , , , ,

This could be interesting, too:

Nick Marinoff writes Jackson Palmer Wants to Be Free of Elon Musk

Nick Marinoff writes Did Bitcoin Get Caught Up in Hype Surrounding The Merge?

Nick Marinoff writes MicroStrategy Will Sell Stock to Buy More BTC

Nick Marinoff writes Crypto Pool Enterprise Poolin Is Halting All Withdrawals

  • Litecoin is trading in a positive zone above $52 against the US Dollar.
  • LTC price is now trading above $55 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $59 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could gain bullish momentum if it clears the $62 resistance zone.

Litecoin price is rising above $58 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it remains well bid above the $55 level.

Litecoin Price Analysis

In the past few days, there was a slow decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $62 resistance zone and started a downside correction.

There was a move below the $60 and $58 support levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $46.30 swing low to $61.80 high. The price even broke the $55 support zone and the 55 simple moving average (4-hours).

However, the bulls were active near the $52 support zone. It remained strong near the 61.8% Fib retracement level of the upward move from the $46.30 swing low to $61.80 high.

As a result, the price started a fresh increase above the $58 resistance. There was a break above a key bearish trend line with resistance near $59 on the 4-hours chart of the LTC/USD pair. The pair is now trading above $55 and the 55 simple moving average (4-hours).

On the upside, the price is facing resistance near the $61.00 and $62.00 levels. A clear move above the $62 level could pump the price towards the $65 level. The next major resistance sits near the $70 level.

On the downside, an immediate support is near the $58 level. The next key support is near the $55 level. If there is a downside break below the $55 support, the price could accelerate lower towards the $52 level in the near term.

Litecoin (LTC) Price

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $58 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $62 resistance zone.

Technical indicators

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

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

Key Support Levels – $58 and $55

Key Resistance Levels – $62 and $65.

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *