HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Could Pump Price Above $50

Litecoin (LTC) Price Analysis: Bulls Could Pump Price Above $50

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  • Litecoin price is trading in a bullish zone above the $45.00 level against the US Dollar.
  • LTC price is likely to accelerate further higher if it clears the $46.40 and $48.00 resistance levels.
  • There is a short term bearish trend line forming with resistance near $46.40 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could even surpass the $50.00 level as long as it is above the $44.00 support.

Litecoin price is trading in a strong bullish trend against the US Dollar, similar to bitcoin. LTC price is likely to continue higher above $48.00 and $50.00 in the near term.

Litecoin Price Analysis

In the past few days, there were mostly positive moves in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price formed a strong support above the $40.00 level and started a solid upward move.

It broke the key $44.00 resistance area and settled above the 55 simple moving average (4-hours) to move into a positive zone. The bulls even pushed the price above $46.00, but they struggled near $48.00.

Recently, there was a downside correction below $46.00, but the $44.00 area acted as a decent support. A swing low is formed near $43.63 before the price climbed back towards $48.00.

A high is formed near the $47.31 level and the price is currently consolidating. It tested the 50% Fib retracement level of the recent rise from the $43.63 low to $47.31 high. On the downside, an initial support is near the $45.00 level.

The 61.8% Fib retracement level of the recent rise from the $43.63 low to $47.31 high is also near the $45.00 level. If there are more losses, litecoin price might retest the $45.00 support level in the coming sessions.

On the upside, an initial hurdle for the bulls is near the $46.40 level. There is also a short term bearish trend line forming with resistance near $46.40 on the 4-hours chart of the LTC/USD pair.

If the pair breaks the trend line resistance, it could make another attempt to surpass the $48.00 resistance. A successful break above $48.00 might accelerate gains above the $50.00 barrier in the near term.

Litecoin Price
Litecoin Price

Looking at the chart, litecoin price is clearly trading in a positive zone above the $44.00 and $45.00 levels. Therefore, it is likely to continue higher above $48.00 as long as there is no close below $44.00.

Technical indicators

4 hours MACD – The MACD for LTC/USD is slowly losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is correcting lower from the 70 level.

Key Support Levels – $45.00 and $44.00.

Key Resistance Levels – $48.00 and $50.00.

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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