- Litecoin is trading in a positive zone above $48 against the US Dollar.
- LTC price is now trading below $50 and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $52 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $50 resistance zone.
Litecoin price is recovering higher from $46 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it clears the $50 resistance.
Litecoin Price Analysis
In the past few days, there was a fresh decline in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $55 resistance zone and started a fresh decline.
There was a move below the $50 level and the 55 simple moving average (4-hours). However, the price stayed above the $45 support. Besides, there was a break below a key bullish trend line with support near $52 on the 4-hours chart of the LTC/USD pair.
The pair is now trading below $50 and the 55 simple moving average (4-hours). A low is formed near $46.31 and the price is now consolidating losses. It is trading above the $48 level. There was a move above the 23.6% Fib retracement level of the recent decline from the $55.02 swing high to $46.31 low.
On the upside, the price is facing resistance near the $50.00 and $50.60 levels. The 50% Fib retracement level of the recent decline from the $55.02 swing high to $46.31 low is also near $50.60.
A clear move above the $50.60 level could pump the price towards the $55 level. The next major resistance sits near the $60 level. On the downside, an immediate support is near the $48.00 level. The next key support is near the $46.20 level. If there is a downside break below the $46.20 support, the price could accelerate lower towards the $40 level in the near term.
Looking at the chart, litecoin price is clearly trading below $50 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $50 resistance zone.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now losing pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now close to the 50 level.
Key Support Levels – $48 and $45
Key Resistance Levels – $50 and $55.
