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HomeAltcoin NewsLitecoin (LTC) Price Analysis: Support Turned Resistance At $65

Litecoin (LTC) Price Analysis: Support Turned Resistance At $65

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  • Litecoin price started a major downside correction from the $69.00 swing high against the US Dollar.
  • LTC price is currently holding the key $60.00 support zone and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $62.10 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could rise again, but the bulls need to clear the $65.00 resistance for a sustained upward move.

Litecoin price is holding a couple of important supports near $60.00 against the US Dollar, similar to bitcoin. LTC price could trade in a range above $60.00 before the next move.

Litecoin Price Analysis

In the past few sessions, there was a downside correction in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price gained bullish momentum above the $60.00 and $65.00 resistance levels.

The price even traded above the $66.00 resistance and settled above the 55 simple moving average (4-hours). However, the bulls failed to push the price above the $70.00 resistance. A swing high was formed near $69.02 and the price is currently correcting lower.

It broke the $65.00 support level to move into a short-term bearish zone. There was a break below the 50% Fib retracement level of the upward move from the $52.00 swing low to $69.02 high.

Moreover, there was a break below a key bullish trend line with support near $62.10 on the 4-hours chart of the LTC/USD pair. The pair finally found support near the $60.00 level and the 55 simple moving average (4-hours).

The 61.8% Fib retracement level of the upward move from the $52.00 swing low to $69.02 high is also acting as a support. The price is currently rising and trading above the $61.00 level. On the upside, it is facing hurdles near the $63.00 level.

The main resistance for litecoin price is near the $64.50 and $65.00 levels. A successful break above the $65.00 resistance is needed for a fresh increase. The next major hurdle is near $70.00. Conversely, the price might decline again towards the $60.00 support.

Litecoin Price
Litecoin Price

Looking at the chart, litecoin price is clearly recovering higher, but it is facing hurdles near $65.00. Overall, the price could rise again, but the bulls need to clear the $65.00 resistance for a sustained upward move in the near term.

Technical indicators

4 hours MACD – The MACD for LTC/USD is currently losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now just below the 50 level.

Key Support Levels – $60.00 and $58.50.

Key Resistance Levels – $63.50 and $65.00.

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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