HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Eye Upside Break Above $60

Litecoin (LTC) Price Analysis: Bulls Eye Upside Break Above $60

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  • Litecoin formed a base above $45 before starting an upside correction against the US Dollar.
  • LTC price is now trading below $55 and the 55 simple moving average (4-hours).
  • There is a key breakout pattern forming with resistance near $54.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could gain bullish momentum if it clears the $54 resistance zone.

Litecoin price is recovering higher from $45 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it clears the $54 resistance.

Litecoin Price Analysis

In the past few days, there was a minor decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $45 level and started an upside correction.

There was a steady upward move above the $50 and $55 resistance levels. The price climbed above the 50% Fib retracement level of the key decline from the $65.41 swing high to $40.32 low. The price even climbed above the $58 resistance zone.

However, the price failed to clear the key $60 resistance zone. There was a rejection near the 76.4% Fib retracement level of the key decline from the $65.41 swing high to $40.32 low.

The price is now trading below $55 and the 55 simple moving average (4-hours). There is also a key breakout pattern forming with resistance near $54.00 on the 4-hours chart of the LTC/USD pair. On the downside, an immediate support is near the $52.50 level.

The next key support is near the $50.90 level. If there is a downside break below the $50.90 support, the price could accelerate lower towards the $46.25 level in the near term.

On the upside, the price is facing resistance near the $54.50 and $55.00 levels. The next major resistance is near the $60 level. A clear move above the $60 level could pump the price above the $65 level. The next major resistance sits near the $72 level.

Litecoin Price
Litecoin Price

Looking at the chart, litecoin price is clearly trading below $55 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $54 resistance zone.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now gaining pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.

Key Support Levels – $52.50 and $50.90

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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