Litecoin started a downside correction from the 5 zone against the US Dollar. LTC price is now trading above and the 55 simple moving average (4 hours). There is a key bearish trend line forming with resistance near 4.10 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair could start a fresh increase if it clears the 5 resistance. Litecoin price is correcting gains from 5 against the US Dollar, similar to Bitcoin. LTC price could resume its increase if it remains well supported 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 base above the level and started a fresh increase. There was
Topics:
Aayush Jindal considers the following as important: Altcoin News, LTC, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes OSL Strengthens Partnership with Solomon JFZ Ahead of Hong Kong ETF Launch
Temitope Olatunji writes Japanese Metaplanet’s Purchase of Bitcoin Worth .25M Signals Growing Corporate Adoption
Godfrey Benjamin writes Here Are 3 Major Recent Cardano (ADA) Upgrades to Know
Steve Muchoki writes BNY Mellon Invests in Spot Bitcoin ETFs from BlackRock and Grayscale
- Litecoin started a downside correction from the $115 zone against the US Dollar.
- LTC price is now trading above $98 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $104.10 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it clears the $105 resistance.
Litecoin price is correcting gains from $115 against the US Dollar, similar to Bitcoin. LTC price could resume its increase if it remains well supported above the $98 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 base above the $80 level and started a fresh increase.
There was a clear move above the $85 and $95 resistance levels. The price even climbed above the $100 level and the 55 simple moving average (4 hours). However, the bears were active near the $115 zone. The recent high was formed near $114.98 and the price started a downside correction.
There was a move below the $105 level. The price traded below the 23.6% Fib retracement level of the upward move from the $81.77 swing low to the $114.98 high.
It is now trading above $98 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $105 level. There is also a key bearish trend line forming with resistance near $104.10 on the 4-hours chart of the LTC/USD pair.
The next major resistance sits near the $110 level. A clear move above the $110 level could pump the price toward the $115 level. Any more gains might call for a test of $120.
Immediate support is near the $98.80 level or the 50% Fib retracement level of the upward move from the $81.77 swing low to the $114.98 high. The next major support is near the $95 zone. A downside break below the $95 support might start a strong decline.
Looking at the chart, Litecoin price is trading above $98 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $105 resistance.
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 below the 50 level.
Key Support Levels – $98 and $95
Key Resistance Levels – $105 and $110.