HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Eyeing Fresh Rally To $60

Litecoin (LTC) Price Analysis: Bulls Eyeing Fresh Rally To $60

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  • Litecoin price found support near the $51.20 level and recently corrected higher against the US Dollar.
  • LTC price is currently trading above the $54.00 level and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $54.70 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher if it clears the $56.00 resistance level in the near term.

Litecoin price is showing positive signs above $54.00 against the US Dollar, and bitcoin rallied above $14k. LTC price is likely to surge towards $60.00 once it clears the $56.00 resistance.

Litecoin Price Analysis

After a steady decline, bitcoin, Ethereum, ripple, and litecoin regained strength against the US Dollar. Earlier, LTC price declined below the $55.00 support level, but the bulls were able to protect $51.00 and $50.00.

A low was formed near $51.19 before the price started a fresh increase. There was a break above the $53.50 and $54.00 resistance levels. The price also climbed above the 23.6% Fib retracement level of the downward move from the $60.98 high to $51.19 low.

More importantly, there was a break above a major bearish trend line with resistance near $54.70 on the 4-hours chart of the LTC/USD pair. The price is now trading above the $54.00 level and the 55 simple moving average (4-hours).

It is facing a strong resistance near the $56.00 level. The stated resistance is close to the 50% Fib retracement level of the downward move from the $60.98 high to $51.19 low.

A clear break above the $56.00 resistance level could open the doors for a sharp increase. The next key resistance is near the $58.00 level, above which the price may even surge towards the $60.00 resistance. Any further gains could lead the price above $61.00 and $62.00.

Conversely, the price might start a fresh decline from the $56.00 resistance. An initial support is seen near the $54.00 level and the 55 simple moving average (4-hours). The first major support is near the $51.20 level. Any further losses could lead the price towards the main $50.00 support.

Litecoin Price
Litecoin Price

Looking at the chart, litecoin price is clearly showing positive signs above $52.00 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if it clears the $56.00 resistance level in the near term.

Technical indicators

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

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

Key Support Levels – $54.00 and $51.20.

Key Resistance Levels – $56.00 and $60.00.

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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