HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Protect Key Uptrend Support

Litecoin (LTC) Price Analysis: Bulls Protect Key Uptrend Support

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  • Litecoin is slowly moving higher from the $63.00 support against the US Dollar.
  • LTC price is now trading below $65.50 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $65.00 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could gain bullish momentum if it clears the $65.00 and $65.50 resistance levels.

Litecoin price is recovering from the $63.00 zone against the US Dollar, like Bitcoin. LTC price could climb again if there is a clear move above $65.50.

Litecoin Price Analysis

In the past few sessions, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. However, LTC struggled to clear the $68.80 resistance zone and started a fresh decline.

There was a move below the $65.50 and $65.00 support levels. Finally, the bulls protected the key support at $63.00. A low is formed near $63.15 and the price is now attempting a fresh increase. The price started a recovery wave above the $64.00 and $64.20 levels.

It broke the 23.6% Fib retracement level of the downward move from the $68.82 swing high to the $63.15 low. Litecoin is now trading below $65.50 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $65.00 level. There is also a key bearish trend line forming with resistance near $65.00 on the 4-hour chart of the LTC/USD pair. The first major resistance is near the $65.50 level or the 50% Fib retracement level of the downward move from the $68.82 swing high to the $63.15 low at $66.00.

A clear move above the $66.00 level could push the price toward the $68.80 zone. The next major resistance sits near the $70 level. Any more gains might send the price toward the $75 level.

On the downside, initial support is near the $64.00 level. The next major support is near the $63.00 level. If there is a downside break below the $63.00 support, the price could accelerate lower toward the $60.00 level in the near term.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, Litecoin’s price is trading below $65.50 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $65.00 and $65.50 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 below the 50 level.

Key Support Levels – $64.00 and $63.00.

Key Resistance Levels – $65.00 and $65.50.

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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