HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Eyeing Upside Break Above $50

Litecoin (LTC) Price Analysis: Bulls Eyeing Upside Break Above $50

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  • Litecoin price is holding the key support area near $45.50 against the US Dollar.
  • LTC price is likely to continue higher above the $47.80 and $48.00 resistance levels.
  • There are two key bullish trend lines forming with support near $46.40 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair remains in a positive zone and it seems like the bulls are eyeing a clear break above $50.00.

Litecoin price is gaining bullish momentum and trading above key supports against the US Dollar and bitcoin. LTC price must clear the $50.00 hurdle to continue higher in the near term.

Litecoin Price Analysis

This week, there was a fresh increase in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price traded above the $47.80 and $48.00 resistance levels to move into a positive zone.

It traded close to the $50.00 resistance and settled well above the 55 simple moving average (4-hours). A high is formed near the $49.89 level and the price recently corrected lower. It broke the $47.80 support zone, but dips remained well supported.

It tested the $45.50 support area and traded as low as $44.52. The bulls are currently in action and the price is back above the $47.00 level. There was a break above the 50% Fib retracement level of the recent drop from the $49.89 high to $44.52 low.

There are two key bullish trend lines forming with support near $46.40 on the 4-hours chart of the LTC/USD pair. The pair is currently facing a major hurdle near the $47.80 and $48.00 levels.

If there is a clear close above $47.80, the price is likely to continue higher. In the mentioned case, the bulls are likely to aim a test of the $50.00 level. Any further gains could the price towards the $52.00 and $52.50 resistance levels.

Conversely, the price might dip again from $48.00. The trend line support is very important near the $46.40 zone. If the bulls fail to protect the trend line support, the price could revisit the $45.50 support zone.

Litecoin Price
Litecoin Price

Looking at the chart, litecoin price is clearly gaining pace and it is trading nicely above the $45.50 support. Therefore, there are high chances of more upsides above the $48.00 and $50.00 resistance levels.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now moving into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is well above the 55 level and testing 60.

Key Support Levels – $46.40 and $45.50.

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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