- Litecoin is facing a major resistance near the $55.80 zone against the US Dollar.
- LTC price is now trading above $54 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $54.05 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could start a steady upward move if it clears the $55.20 and $55.75 levels.
Litecoin price is rising above $54 against the US Dollar, similar to bitcoin. LTC price could start a strong increase if it settles above the $55 level.
Litecoin Price Analysis
In the past few days, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a strong base above the $51.50 level.
The price started a steady increase and was able to clear the $52.50 resistance zone. There was a clear move above the $54.00 resistance and the 55 simple moving average (4-hours). Besides, there was a break above a major bearish trend line with resistance near $54.05 on the 4-hours chart of the LTC/USD pair.
It even spiked above the $55 resistance zone. However, there was no upside continuation above the $55 level. The price started a downside correction and traded below from $55.75. There was a move below the $55 level.
The price declined below the 23.6% Fib retracement level of the recent increase from the $51.48 swing low to $55.75 high. However, the price found support near $53.50 and the 55 simple moving average (4-hours).
The bulls protected the 50% Fib retracement level of the recent increase from the $51.48 swing low to $55.75 high. The price is now rising and trading above $54. On the upside, the price is facing resistance near the $55.20 level.
The next major resistance sits near the $55.75 level. A clear move above the $55.75 level could pump the price towards the $58 level or even $60. The next major resistance could be $62.50.
On the downside, an immediate support is near the $53.50 level. The next key support is near the $52.50 level. If there is a downside break below the $52.50 support, the price could accelerate lower towards the $50 level in the near term.
Looking at the chart, litecoin price is clearly trading above $53.50 and the 55 simple moving average (4-hours). Overall, the price could start a steady upward move if it clears the $55.20 and $55.75 levels.
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 above the 50 level.
Key Support Levels – $53.50 and $52.50
Key Resistance Levels – $55.20 and $55.75.
