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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Fresh Rally If It Stays above $70

Litecoin (LTC) Price Analysis: Fresh Rally If It Stays above $70

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  • Litecoin started a strong increase above $75 against the US Dollar.
  • LTC price is now trading below $80 and the 55 simple moving average (4-hours).
  • There is a crucial bullish trend line forming with support near $74.00 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 $70.

Litecoin price is rising steadily above $72 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it remains well supported above the $70 level.

Litecoin Price Analysis

In the past few sessions, there was a downside correction in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $70 level and started a fresh increase.

There was a clear move above the $72 and $75 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 $85 zone. A high was formed near $84.97 and the price started a downside correction.

There was a move below the $78 level. The price declined below the 50% Fib retracement level of the upward move from the $70.50 swing low to $84.97 high.

The price is now trading below $80 and the 55 simple moving average (4-hours). The 61.8% Fib retracement level of the upward move from the $70.50 swing low to $84.97 high is acting as a support. There is also a crucial bullish trend line forming with support near $74.00 on the 4-hours chart of the LTC/USD pair.

If there is a downside break below the $74 support, the price could accelerate lower towards the $70 level in the near term.

On the upside, the price is facing resistance near the $78 and $80 levels. A clear move above the $80 level could pump the price towards the $85 level. The next major resistance sits near the $100 level.

Litecoin (LTC) Price
Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading below $80 and the 55 simple moving average (4-hours). Overall, the price remains supported for more gains unless there is a clear move below $70.

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 – $74 and $70

Key Resistance Levels – $80 and $85.

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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