- Litecoin price started a fresh increase from the $40.50 and $40.00 support levels against the US Dollar.
- LTC price is now trading nicely above the $44.00 level and the 55 simple moving average (4-hours).
- There was a break above a significant bearish trend line with resistance near $42.30 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is currently consolidating near the $45.50 resistance and it could continue to rise.
Litecoin price is rising again and trading above $44.00 against the US Dollar, similar to bitcoin. LTC price is likely to settle above $45.50 and it could rise towards $50.00 in the near term.
Litecoin Price Analysis
It started a fresh increase after it surpassed the $42.00 resistance level and the 55 simple moving average (4-hours). Moreover, there was a break above a significant bearish trend line with resistance near $42.30 on the 4-hours chart of the LTC/USD pair.
The pair even surged above the $44.00 and $45.00 levels. A high is formed near $45.65 and the price is currently consolidating gains near the $45.50 level. It corrected below the 23.6% Fib retracement level of the recent wave from the $42.87 low to $45.65 high.
On the downside, there is a strong support forming near the $44.20 and $44.00 levels. The 50% Fib retracement level of the recent wave from the $42.87 low to $45.65 high is also at $44.26.
If there is a downside break below the green zone at $44.00, there is a risk of a larger correction towards the $43.20 level. The main support is now forming near the $42.00 level.
Conversely, the price may perhaps start a fresh increase above the $45.50 and $46.00 levels. A successful close above the $46.00 level could open the doors for a push towards the next major hurdle at $50.00 in the near term.
Looking at the chart, litecoin price is clearly trading near a crucial resistance at $45.50. It could either continue to rise towards the $50.00 level or it might start a major downside correction towards the $42.20 level.
4 hours MACD – The MACD for LTC/USD is slowly losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently correcting lower towards the 60 level.
Key Support Levels – $44.20 and $42.20.
Key Resistance Levels – $45.50 and $50.00.