HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Eye More Gains Above $55

Litecoin (LTC) Price Analysis: Bulls Eye More Gains Above $55

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  • Litecoin formed a base above $40 before starting an upside correction against the US Dollar.
  • LTC price is now trading above $50 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $46.20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could gain bullish momentum if it clears the $55 resistance zone.

Litecoin price is recovering higher from $40 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it clears the $55 resistance.

Litecoin Price Analysis

In the past few days, there was a minor recovery wave in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $40 level and started an upside correction.

There was a steady upward move above the $45 and $46 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $65.40 swing high to $40.30 low. Besides, there was a break above a major bearish trend line with resistance near $46.20 on the 4-hours chart of the LTC/USD pair.

The price is now trading above $50 and the 55 simple moving average (4-hours). LTC is now facing a strong resistance near the $55 level.

The 61.8% Fib retracement level of the downward move from the $65.40 swing high to $40.30 low is also acting as a resistance. The next major resistance is near the $60 level. A clear move above the $55 level could pump the price above the $60 level. The next major resistance sits near the $65 level.

On the downside, an immediate support is near the $52.80 level. The next key support is near the $51.00 level. If there is a downside break below the $51 support, the price could accelerate lower towards the $46.20 level in the near term.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $50 and the 55 simple moving average (4-hours). Overall, the price could decline heavily if it fails to clear the $55 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 – $52.80 and $51

Key Resistance Levels – $55 and $60.

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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