HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Aim More Gains Above $58

Litecoin (LTC) Price Analysis: Bulls Aim More Gains Above $58

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  • Litecoin is still in a positive zone above $55 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 major bearish trend line with resistance at $51.50 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could gain bullish momentum if it clears the $58 resistance zone.

Litecoin price is showing positive signs above $55 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 decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $50 level and started a fresh increase.

There was a clear move above the $52 and $54 resistance levels. The price even climbed above the $55 level and the 55 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance at $51.50 on the 4-hours chart of the LTC/USD pair.

However, the bears were active near the $58 level. A high was formed near $57.63 and the price is now consolidating gains. On the downside, an immediate support is near the $55.80 level. It is near the 23.6% Fib retracement level of the upward move from the $49.55 swing low to $57.63 high.

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 $53.80 level in the near term. It is near the 50% Fib retracement level of the upward move from the $49.55 swing low to $57.63 high.

On the upside, the price is facing resistance near the $57.60 and $58.00 levels. A clear move above the $58 level could pump the price towards the $62 level. The next major resistance sits near the $65 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $55 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $58 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 – $55.80 and $53.80

Key Resistance Levels – $58 and $65.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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