Litecoin started a strong increase above $60 against the US Dollar.
LTC price is now trading above $60 and the 55 simple moving average (4-hours).
There is a key bullish trend line forming with support near $68 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
The pair could correct lower but dips might be limited below the $60 level.
Litecoin price is rising steadily above $65 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it remains well bid above the $65 level.
Litecoin Price Analysis
In the past few sessions, there was a decent recovery in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $60 level and started a fresh increase.
There was a clear move above the $65 and $70 resistance levels. The price even climbed above the $75 level and the 55 simple moving average (4-hours). However, the bears were active near the $85 zone. A high was formed near $83.43 and the price is now correcting gains.
There was a move below the $80 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $59.11 swing low to $83.43 high.
On the downside, an immediate support is near the $74 level. The next key support is near the $68 level. There is also a key bullish trend line forming with support near $68 on the 4-hours chart of the LTC/USD pair. It is near the 50% Fib retracement level of the upward move from the $59.11 swing low to $83.43 high.
If there is a downside break below the $68 support, the price could accelerate lower towards the $65 level in the near term.
On the upside, the price is facing resistance near the $80 and $82 levels. A clear move above the $82 level could pump the price towards the $90 level. The next major resistance sits near the $100 level.
Looking at the chart, litecoin price is clearly trading above $65 and the 55 simple moving average (4-hours). Overall, the price could correct lower but dips might be limited below the $60 level.
4 hours MACD – The MACD for LTC/USD is now losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.
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