HomeAltcoin NewsLitecoin (LTC) Price Analysis: Just broke $50 and Bulls Are Not Done...

Litecoin (LTC) Price Analysis: Just broke $50 and Bulls Are Not Done Yet

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  • Litecoin price is up close to 10% and it broke the $45.50 resistance area against the US Dollar.
  • LTC price traded as high as $50.95 and it is currently consolidating gains.
  • There is a key bullish trend line forming with support near $46.20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair remains well supported on the downside for more upsides above $50.00 and $52.00.

Litecoin price is gaining bullish momentum above key hurdles against the US Dollar, similar to bitcoin. LTC price is likely to continue higher above the $52.00 level in the near term.

Litecoin Price Analysis

In the past few sessions, there was a strong increase in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price formed a strong support base above the $40.00 level and recently surged above the $45.50 resistance.

The bulls gained strength above $46.50 and the price settled well above the 55 simple moving average (4-hours). The upward move was such that the price climbed above the $50.00 hurdle.

A new monthly high is formed near $50.95 and the price is currently consolidating gains. An initial support on the downside is near the $49.20 and $49.00 levels. The 23.6% Fib retracement level of the recent rally from the $43.24 low to $50.95 high is also near the $49.13 level to provide support.

If there are more downsides, the price could decline towards the $48.00 and $47.10 support levels. Moreover, there is a key bullish trend line forming with support near $46.20 on the 4-hours chart of the LTC/USD pair.

The trend line is close to the 50% Fib retracement level of the recent rally from the $43.24 low to $50.95 high. Therefore, litecoin price remains well supported on the downside near $49.00 and $48.00.

On the upside, the $50.50 and $51.00 levels are initial hurdles, followed by $52.00. If the price climbs above the $52.00 resistance, there are high chances of a run towards the $55.00 barrier in the near term. Any further gains could lead the price towards $58.00.

Litecoin Price
Litecoin Price

Looking at the chart, litecoin price is clearly trading in a strong uptrend above $49.00 and $48.00. It is likely to continue higher above $50.00 and $52.00 unless the bulls fail to defend the $47.10 support.

Technical indicators

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 now correcting lower from the 80 level.

Key Support Levels – $49.00 and $47.10.

Key Resistance Levels – $52.00 and $55.00.

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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