Litecoin price climbed higher recently and tested the .00 resistance area against the US Dollar.LTC price is currently trading above the key .20 support area, with positive signs.There is a major bullish trend line forming with support near .00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).The pair is likely to bounce back as long as it is trading above the .00 and .20 support levels.Litecoin price is currently correcting gains below .00 against the US Dollar, while bitcoin is declining. LTC might start a fresh increase as long as it is above .00.Litecoin Price AnalysisThere was a strong support formed near .00, resulting in an upward move in litecoin price against the US Dollar. The LTC/USD pair broke the .00 and .20 resistance levels to
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- Litecoin price climbed higher recently and tested the $80.00 resistance area against the US Dollar.
- LTC price is currently trading above the key $72.20 support area, with positive signs.
- There is a major bullish trend line forming with support near $70.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to bounce back as long as it is trading above the $70.00 and $72.20 support levels.
Litecoin price is currently correcting gains below $75.00 against the US Dollar, while bitcoin is declining. LTC might start a fresh increase as long as it is above $70.00.
Litecoin Price Analysis
There was a strong support formed near $68.00, resulting in an upward move in litecoin price against the US Dollar. The LTC/USD pair broke the $70.00 and $72.20 resistance levels to move into a positive zone. Moreover, there was a break above $75.00 and the 55 simple moving average (4-hours). Finally, the price spiked above the $80.00 resistance and traded as high as $80.27.
Recently, it started a downside correction and traded below the $75.00 support area. Additionally, there was a break below the 50% Fib retracement level of the last wave from the $67.08 low to $80.27 high. However, there are many important supports on the downside near the $72.20 and $70.00 levels. The 61.8% Fib retracement level of the last wave from the $67.08 low to $80.27 high is also close to $72.00.
More importantly, there is a major bullish trend line forming with support near $70.00 on the 4-hours chart of the LTC/USD pair. Therefore, the pair remains well supported on the downside near the $72.00 and $70.00 levels. If there is a downside break below the trend line, $70.00, and the 55 simple moving average (4-hours), the price could move back in a negative zone.
On the upside, an immediate resistance is near the $75.00 and $76.00 levels. If there is a clear break above the $76.00 level, the price could revisit the $80.00 resistance area. The main resistances on the upside are near $82.00 and $85.00.
Looking at the chart, litecoin price is clearly trading above a couple of important supports such as $70.00 and $72.00. As long as there is no close below $70.00 and the 55 simple moving average (4-hours), the price is likely to bounce back in the near term towards the $80.00 level.
Technical indicators
4 hours MACD – The MACD for LTC/USD is likely to move back into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently holding the 50 level.
Key Support Levels – $72.20 and $70.00.
Key Resistance Levels – $76.00 and $80.00.