- 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.
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.
