HomeAltcoin NewsLitecoin (LTC) Price Analysis: More Gains Above $62 Likely

Litecoin (LTC) Price Analysis: More Gains Above $62 Likely

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  • Litecoin price remained in a positive zone and recently tested $62.40 against the US Dollar.
  • LTC price corrected lower and it is now trading above the $58.00 support area.
  • There is a major bullish trend line forming with support near $57.85 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher above the $61.00 and $62.40 resistance levels in the near term.

Litecoin price is showing a lot of positive signs above $58.00 against the US Dollar, similar to bitcoin. LTC price remains in uptrend and the bulls are likely eyeing a break to $65.00.

Litecoin Price Analysis

In the past few days, there were decent gains in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price gained pace and surpassed the $58.00 and $60.00 resistance levels.

It even spiked above the $62.00 level and traded as high as $62.43 before correcting lower. There was a break below the $60.00 level, plus the 23.6% Fib retracement level of the upward move from the $50.67 low to $62.43 high.

However, there is a strong support base forming near the $58.50 and $58.00 levels. The bulls protected the recent decline from the $62.43 high near the $58.00 area. More importantly, there is a major bullish trend line forming with support near $57.85 on the 4-hours chart of the LTC/USD pair.

Besides, the 50% Fib retracement level of the upward move from the $50.67 low to $62.43 high is likely to act as a strong support along with the 55 simple moving average (4-hours).

If there is a downside break below the $58.00 and $56.55 support levels, litecoin price might continue to move down towards the $52.00 support level in the near term.

On the upside, there is a major hurdle near the $62.00 and $62.40 levels. If the price surpasses the $62.43 swing high, there are chances of a fresh rally in the coming sessions.

In the mentioned case, the price may perhaps test the $65.00 level. Any further gains could lead the price towards the key $68.50 resistance area, where the bears might emerge.

Litecoin Price
Litecoin Price

Looking at the chart, litecoin price is clearly trading nicely above the $58.50 and $58.00 support levels. As long as there is no close below $58.00 and the 55 SAM, the price is likely to continue higher.

Technical indicators

4 hours MACD – The MACD for LTC/USD is about to move into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is still above the 50 level.

Key Support Levels – $58.00 and $56.55.

Key Resistance Levels – $61.00 and $62.40.

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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