HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Aim Rally Above $85

Litecoin (LTC) Price Analysis: Bulls Aim Rally Above $85

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  • Litecoin started a strong increase above $65 against the US Dollar.
  • LTC price is now trading above $65 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $68.50 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair remains supported for more gains above the $85 resistance zone.

Litecoin price is rising steadily above $70 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it remains well bid above the $68 level.

Litecoin Price Analysis

In the past few sessions, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $62 level and started a fresh increase.

There was a clear move above the $68 and $70 resistance levels. The price even climbed above the $80 level and the 55 simple moving average (4-hours). However, the bears were active near the $84 zone. A high was formed near $83.42 and the price started a downside correction.

There was a move below the $80 level. The price declined below the 23.6% Fib retracement level of the key increase from the $59.10 swing low to $83.42 high.

However, the price remained well bid above $65 and the 55 simple moving average (4-hours). The 50% Fib retracement level of the key increase from the $59.10 swing low to $83.42 high also acted as a support. There is also a major bullish trend line forming with support near $68.50 on the 4-hours chart of the LTC/USD pair.

If there is a downside break below the $68.50 support, the price could accelerate lower towards the $65 level in the near term.

On the upside, the price is facing resistance near the $80 and $84 levels. A clear move above the $84 level could pump the price towards the $90 level. The next major resistance sits near the $100 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $68 and the 55 simple moving average (4-hours). Overall, the price remains supported for more gains above the $85 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 – $75 and $68

Key Resistance Levels – $82 and $84.

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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