HomeAltcoin NewsLitecoin (LTC) Price Analysis: Bulls Remain In Driver’s Seat

Litecoin (LTC) Price Analysis: Bulls Remain In Driver’s Seat

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  • Litecoin price gained a strong bullish momentum after it broke the $48.00 resistance against the US Dollar.
  • LTC price traded towards the $60.00 resistance and it is currently correcting lower.
  • There is a key contracting triangle forming with support near $54.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair remains well supported on the downside near $52.00 and $50.00.

Litecoin price is trading in a bullish zone above $50.00 against the US Dollar, similar to bitcoin. LTC price could consolidate in the short term before a fresh increase to $60.00.

Litecoin Price Analysis

This week, there were strong gains in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price broke the key $48.00 and $50.00 resistance levels to start an uptrend.

Moreover, there was a close above the $50.00 level and the 55 simple moving average (4-hours). The bulls gained traction and the price rallied above the $55.00 and $58.00 resistance levels.

Finally, a high is formed near $60.77 and the price started correcting gains. It broke the $58.00 support level, and even traded below the 23.6% Fib retracement level of the upward leg from the $48.88 low to $60.77 high.

On the downside, an initial support is near the $54.80 level. It coincides with the 50% Fib retracement level of the upward leg from the $48.88 low to $60.77 high.

Additionally, there is a key contracting triangle forming with support near $54.00 on the 4-hours chart of the LTC/USD pair. If there is a downside break below the $54.80 support level and $54.00, there are chances of more losses in the near term.

Then next key support for litecoin price could be near the $51.80 level (the previous breakout zone). The last support for the current uptrend is near $50.00 and the 55 simple moving average (4-hours).

On the upside, an initial resistance is near the $57.50 level and the triangle upper trend line. If there is a clear break above the triangle resistance, the price is likely to rally towards the $60.00 resistance in the near term.

Litecoin Price
Litecoin Price

Looking at the chart, litecoin price is clearly correcting gains below $58.00. However, there are many key supports on the downside near $52.00 and $50.00. As long as there is no close below $50.00, the price is likely to climb back above $58.00.

Technical indicators

4 hours MACD – The MACD for LTC/USD is losing pace in the bullish zone.

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

Key Support Levels – $54.80 and $51.80.

Key Resistance Levels – $58.00 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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