- Litecoin price climbed higher recently and tested the $80.00 resistance area against the US Dollar.
- LTC price is currently trading above the key $72.20 support area, with positive signs.
- There is a major bullish trend line forming with support near $70.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to bounce back as long as it is trading above the $70.00 and $72.20 support levels.
Litecoin price is currently correcting gains below $75.00 against the US Dollar, while bitcoin is declining. LTC might start a fresh increase as long as it is above $70.00.
Litecoin Price Analysis
There was a strong support formed near $68.00, resulting in an upward move in litecoin price against the US Dollar. The LTC/USD pair broke the $70.00 and $72.20 resistance levels to move into a positive zone. Moreover, there was a break above $75.00 and the 55 simple moving average (4-hours). Finally, the price spiked above the $80.00 resistance and traded as high as $80.27.
Recently, it started a downside correction and traded below the $75.00 support area. Additionally, there was a break below the 50% Fib retracement level of the last wave from the $67.08 low to $80.27 high. However, there are many important supports on the downside near the $72.20 and $70.00 levels. The 61.8% Fib retracement level of the last wave from the $67.08 low to $80.27 high is also close to $72.00.
More importantly, there is a major bullish trend line forming with support near $70.00 on the 4-hours chart of the LTC/USD pair. Therefore, the pair remains well supported on the downside near the $72.00 and $70.00 levels. If there is a downside break below the trend line, $70.00, and the 55 simple moving average (4-hours), the price could move back in a negative zone.
On the upside, an immediate resistance is near the $75.00 and $76.00 levels. If there is a clear break above the $76.00 level, the price could revisit the $80.00 resistance area. The main resistances on the upside are near $82.00 and $85.00.
Looking at the chart, litecoin price is clearly trading above a couple of important supports such as $70.00 and $72.00. As long as there is no close below $70.00 and the 55 simple moving average (4-hours), the price is likely to bounce back in the near term towards the $80.00 level.
4 hours MACD – The MACD for LTC/USD is likely to move back into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently holding the 50 level.
Key Support Levels – $72.20 and $70.00.
Key Resistance Levels – $76.00 and $80.00.