- Litecoin started a strong increase above $70 against the US Dollar.
- LTC price is now trading above $80 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $82.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair remains supported for more gains unless there is a clear move below $78.
Litecoin price is rising steadily above $75 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it remains well supported above the $78 level.
Litecoin Price Analysis
In the past few sessions, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $72 level and started a fresh increase.
There was a clear move above the $75 and $78 resistance levels. The price even climbed above the $80 level and the 55 simple moving average (4-hours). However, the bears were active near the $88 zone. A high was formed near $87.88 and the price started a downside correction.
There was a move below the $86 level. The price tested the 23.6% Fib retracement level of the upward move from the $72.45 swing low to $87.88 high.
The price is now trading above $80 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $82.00 on the 4-hours chart of the LTC/USD pair. The first major support is near the $83 level and the trend line.
If there is a downside break below the $82 support, the price could accelerate lower towards the $80 level in the near term. It is near the 50% Fib retracement level of the upward move from the $72.45 swing low to $87.88 high.
On the upside, the price is facing resistance near the $85 and $87 levels. A clear move above the $87 level could pump the price towards the $92 level. The next major resistance sits near the $100 level.
Looking at the chart, litecoin price is clearly trading above $80 and the 55 simple moving average (4-hours). Overall, the price remains supported for more gains unless there is a clear move below $78.
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 – $82 and $80
Key Resistance Levels – $87 and $92.
