- Litecoin price is slowly gaining bullish momentum above the $38.00 area against the US Dollar.
- LTC price is likely to accelerate higher once it clears the $41.00 resistance area.
- There was a break above a key contracting triangle with resistance near $39.05 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair remains well bid above $38.00 and $37.20 levels in the near term.
Litecoin price is currently gaining bullish momentum against the US Dollar, similar to bitcoin. LTC price could climb higher towards $44.00 or even $47.00 if it stays above $37.20.
Litecoin Price Analysis
In the past few sessions, there was a decent upward move in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price corrected lower from the $41.47 high and traded below the $38.00 level.
The price traded as low as $36.61 and recently formed a support base near $37.00 for a fresh increase. It gained pace above the $38.00 resistance area and the 55 simple moving average (4-hours).
Moreover, there was a break above the 50% Fib retracement level of the downward move from the $41.47 high to $36.61 low. There was also a break above a key contracting triangle with resistance near $39.05 on the 4-hours chart of the LTC/USD pair.
The pair is now trading above the $39.20 level. It is testing the 61.8% Fib retracement level of the downward move from the $41.47 high to $36.61 low.
If there is an upside break above the $39.60 level, litecoin price might rise towards the $41.00 resistance. Any further gains could open the doors for more upsides towards the $44.00 and $45.00 levels in the near term. The next major resistance is near the $47.00 level.
On the downside an initial support is near the $39.00 level and the 55 simple moving average (4-hours). If the price fails to stay above the 55 SMA, it may perhaps correct lower towards the $37.00 support level. The next key support is near the $35.60 level, below which the price could dive towards the $32.00 level.
Looking at the chart, litecoin price is clearly gaining traction and preparing for more gains above $40.00 and $41.00. If it fails to clear $41.00, the bulls are likely to lose control in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.
Key Support Levels – $39.0 and $37.00.
Key Resistance Levels – $41.00 and $44.00.