Litecoin (LTC) Price Analysis: Rally Possible If It Clears $50
- Litecoin is trading in a positive zone above $45 against the US Dollar.
- LTC price is now trading below $50 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $50 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $50 resistance zone.
Litecoin price is recovering higher from $46 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it clears the $50 resistance.
Litecoin Price Analysis
In the past few days, there was a minor increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to stay above the $55 level and corrected gains.
There was a move below the $50 level and the 55 simple moving average (4-hours). However, the price stayed above the $45 support. A low is formed near $47.89 and the price is now consolidating losses. It is trading above the $49 level.
On the upside, the price is facing resistance near the $50.00 and $50.50 levels. It is near the 23.6% Fib retracement level of the recent decline from the $60 swing high to $47.89 low.
There is also a key bearish trend line forming with resistance near $50 on the 4-hours chart of the LTC/USD pair. The next major resistance is near the $53.20 level. It is near the 50% Fib retracement level of the recent decline from the $60 swing high to $47.89 low.
A clear move above the $53.20 level could pump the price towards the $60 level. The next major resistance sits near the $65 level. On the downside, an immediate support is near the $48.00 level.
The next key support is near the $45 level. If there is a downside break below the $45 support, the price could accelerate lower towards the $40 level in the near term.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading below $50 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $50 resistance zone.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now near the 50 level.
Key Support Levels – $48 and $45
Key Resistance Levels – $50 and $53.20.
Source: livebitcoinnews.com
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