HomeAltcoin NewsLitecoin (LTC) Price Analysis: Dips Remain Well Supported

Litecoin (LTC) Price Analysis: Dips Remain Well Supported

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  • Litecoin price rallied above the $44.00 and $46.20 resistance levels against the US Dollar.
  • LTC price is currently correcting lower and it traded below the $46.20 level.
  • There was a break below a key bullish trend line with support near $45.40 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to find a strong buying interest near the $44.00 support area.

Litecoin price is correcting gains from the $48.62 high against the US Dollar, similar to bitcoin. LTC price is likely to bounce back as long as it is above $44.00.

Litecoin Price Analysis

After a strong rise, bitcoin, Ethereum ripple and litecoin started a downside correction against the US Dollar. LTC price formed a new 2020 high at $48.62 level before it trimmed its gains.

There was a break below the $46.20 support level. Besides, the price traded below the 23.6% Fib retracement level of the upward wave from the $38.76 low to $48.62 high.

More importantly, there was a break below a key bullish trend line with support near $45.40 on the 4-hours chart of the LTC/USD pair. It opened the doors for more losses below the $45.00 support area.

Litecoin price traded close to the key $44.00 support area. Moreover, the 50% Fib retracement level of the upward wave from the $38.76 low to $48.62 high is also near the $43.70 level to provide support.

The next major support is near the $43.00 area since it is close to the 55 simple moving average (4-hours). If there is a downside break below the $43.00 support, the price is likely to move into a bearish zone.

On the upside, an initial resistance is near the $46.00 level and the broken trend line. The first key resistance is near the $46.20 level, above which there are chances of a decent increase.

The next major hurdle is near the $48.60 level, above which the bulls are likely to aim an upside break above the main $50.00 resistance level in the near term.

Litecoin Price
Litecoin Price

Looking at the chart, litecoin price is clearly correcting lower below the $46.20 support. However, there are many supports near $44.00 and $43.00. Therefore, the price is likely to bounce back as long as it is above $43.00.

Technical indicators

4 hours MACD – The MACD for LTC/USD is slowly losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently near the 50 level.

Key Support Levels – $44.00 and $43.00.

Key Resistance Levels – $46.20 and $48.60.

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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