Saturday , January 28 2023
Home / Altcoins / Litecoin (LTC) Price Analysis: Indicators Signal Key Upside Break

Litecoin (LTC) Price Analysis: Indicators Signal Key Upside Break

Summary:
Litecoin is facing a major resistance near the .80 zone against the US Dollar. LTC price is now trading above and the 55 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near .05 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair could start a steady upward move if it clears the .20 and .75 levels. Litecoin price is rising above against the US Dollar, similar to bitcoin. LTC price could start a strong increase if it settles above the level. Litecoin Price Analysis In the past few days, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a strong base above the .50 level. The price started a steady

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

This could be interesting, too:

Nick Marinoff writes Opinion: Congress Should Not Be Permitted to Engage in Crypto Trading

Nick Marinoff writes Andy Greenberg Is Publishing a New Book on BTC’s Traceability

Tolu Ajiboye writes UK Fintech Powerhouse Wise Accused by Smaller Rival of Questionable Competition Practices

Benjamin Godfrey writes Arizona Senator Introduces Bill to Make Bitcoin Legal Tender

  • Litecoin is facing a major resistance near the $55.80 zone against the US Dollar.
  • LTC price is now trading above $54 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $54.05 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could start a steady upward move if it clears the $55.20 and $55.75 levels.

Litecoin price is rising above $54 against the US Dollar, similar to bitcoin. LTC price could start a strong increase if it settles above the $55 level.

Litecoin Price Analysis

In the past few days, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a strong base above the $51.50 level.

The price started a steady increase and was able to clear the $52.50 resistance zone. There was a clear move above the $54.00 resistance and the 55 simple moving average (4-hours). Besides, there was a break above a major bearish trend line with resistance near $54.05 on the 4-hours chart of the LTC/USD pair.

It even spiked above the $55 resistance zone. However, there was no upside continuation above the $55 level. The price started a downside correction and traded below from $55.75. There was a move below the $55 level.

The price declined below the 23.6% Fib retracement level of the recent increase from the $51.48 swing low to $55.75 high. However, the price found support near $53.50 and the 55 simple moving average (4-hours).

The bulls protected the 50% Fib retracement level of the recent increase from the $51.48 swing low to $55.75 high. The price is now rising and trading above $54. On the upside, the price is facing resistance near the $55.20 level.

The next major resistance sits near the $55.75 level. A clear move above the $55.75 level could pump the price towards the $58 level or even $60. The next major resistance could be $62.50.

On the downside, an immediate support is near the $53.50 level. The next key support is near the $52.50 level. If there is a downside break below the $52.50 support, the price could accelerate lower towards the $50 level in the near term.

Litecoin (LTC) Price Analysis: Indicators Signal Key Upside Break

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $53.50 and the 55 simple moving average (4-hours). Overall, the price could start a steady upward move if it clears the $55.20 and $55.75 levels.

Technical indicators

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

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

Key Support Levels – $53.50 and $52.50

Key Resistance Levels – $55.20 and $55.75.

Tags: ,

Leave a Reply

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