- Litecoin is facing a major resistance near the $52.00 zone against the US Dollar.
- LTC price is now trading below $52.50 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $51.65 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a steady upward move if it clears the $52.00 and $52.50 levels.
Litecoin price is struggling below $55 against the US Dollar, similar to bitcoin. LTC price could start a strong increase if it gains pace above the $52.50 level.
Litecoin Price Analysis
In the past few days, there were range moves in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC saw a major decline below the $52 and $50 support levels.
The price traded as low as $48.31 and recently started an upside correction. There was a move above the $50 resistance level. It even broke the $51.50 level, but the bears were active near the $52.50 resistance. A swing high was formed near $52.58 and the price started a fresh decline.
There was a steady decline below the $52.20 and $52.00 levels. There was a move below the 23.6% Fib retracement level of the upward move from the $48.33 swing low to $52.58 high.
The price now trading below $52.50 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $51.50 level. There is also a key bearish trend line forming with resistance near $51.65 on the 4-hours chart of the LTC/USD pair.
The next major resistance sits near the $52.00 level. The main barrier is still near the $52.50 zone. A clear move above the $52.50 level could pump the price towards the $55 level or even $60. The next major resistance could be $62.50.
On the downside, an immediate support is near the $50.40 level. It is near the 50% Fib retracement level of the upward move from the $48.33 swing low to $52.58 high. The next key support is near the $50.00 level. If there is a downside break below the $50.00 support, the price could accelerate lower towards the $48 level in the near term.
Looking at the chart, litecoin price is clearly trading below $52.50 and the 55 simple moving average (4-hours). Overall, the price could start a steady upward move if it clears the $52.00 and $52.50 levels.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $50.40 and $50.00
Key Resistance Levels – $52.00 and $52.50.