- Litecoin is gaining pace above the $73.50 resistance against the US Dollar.
- LTC price is now trading above $74.00 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $72.50 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $76.80 and $78.00 resistance levels.
Litecoin price is recovering from the $72.00 zone against the US Dollar, like Bitcoin. LTC price could climb again if there is a clear move above $78.00.
Litecoin Price Analysis
In the past few days, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. However, LTC struggled to clear the $80.00 resistance zone and started a fresh decline.
There was a move below the $78.00 and $75.00 support levels. Finally, the bulls protected the key support at $68.00. A low is formed near $67.99, and the price is now attempting a fresh increase. The price started a recovery wave above the $72.50 level.
It broke the 50% Fib retracement level of the downward move from the $79.55 swing high to the 67.99 low. There was also a break above a key bearish trend line with resistance near $72.50 on the 4-hour chart of the LTC/USD pair.
Litecoin is now trading above $75.00 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $76.80 level. It is close to the 76.4% Fib retracement level of the downward move from the $79.55 swing high to the 67.99 low.
The next major resistance is near the $78.00 level. A clear move above the $78.00 level could push the price toward the $80.00 zone. The next major resistance sits near the $85.00 level. Any more gains might send the price toward the $88.00 level.
On the downside, initial support is near the $73.80 level. The next major support is near the $72.00 level. If there is a downside break below the $72.00 support, the price could accelerate lower toward the $68.00 level in the near term.
Looking at the chart, Litecoin’s price is trading above $75.00 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $76.80 and $78.00 resistance levels.
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 – $73.80 and $72.50.
Key Resistance Levels – $76.80 and $78.00.
