HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls In Action Above $72

Litecoin (LTC) Price Analysis: Bulls In Action Above $72

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  • Litecoin started a steady increase above $72 against the US Dollar.
  • LTC price is now trading above $74.50 and the 55 simple moving average (4 hours).
  • There was a break above a major bearish trend line with resistance at $70 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could rise further if it clears the $78.00 and $80.00 resistance levels.

Litecoin price is showing positive signs above $75 against the US Dollar, like Bitcoin. LTC price could climb further if there is a clear move above $78.

Litecoin Price Analysis

In the past few sessions, there was a steady increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $70 level and started a fresh increase.

There was a clear move above the $72.00 and $73.50 resistance levels. There was a break above a major bearish trend line with resistance at $70 on the 4-hour chart of the LTC/USD pair. The pair even cleared the $76 resistance zone. A high was formed near $78.00 and the price is now consolidating gains.

There was a sharp correction to $70 but the bulls were active. The price is back above the 50% Fib retracement level of the downward move from the $78.00 swing high to the $70.44 low.

Litecoin is now trading above $75 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $76.20 level or the 76.4% Fib retracement level of the downward move from the $78.00 swing high to the $70.44 low.

The next major resistance sits near the $78.00 level. A clear move above the $78.00 level could push the price toward the $84 level. Any more gains might send the price toward the $90 level.

On the downside, initial support is near the $75.00 level. The next major support is near the trend line at $72.80. If there is a downside break below the $72.80 support, the price could accelerate lower toward the $70.00 level in the near term.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, Litecoin price is clearly trading above $74.50 and the 55 simple moving average (4 hours). Overall, the price could rise further if it clears the $78.00 and $80.00 resistance levels.

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 – $75.00 and $72.80

Key Resistance Levels – $78.00 and $80.00.

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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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