- Litecoin price is trading nicely above a major support at $45.50 against the US Dollar.
- LTC price is likely to start a strong upward move if it clears the $46.80 and $47.00 resistance levels.
- There is a key contracting triangle forming with resistance near $47.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could only start a bearish wave if it settles below the $45.00 support zone.
Litecoin price is showing signs of a bullish break above $47.00 against the US Dollar, similar to bitcoin. LTC price could rise sharply above $50.00 as long as it is above the $45.00 support.
Litecoin Price Analysis
In the past few days, there were mostly range moves in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price corrected lower below the $46.50 level and the 55 simple moving average (4-hours).
A low was formed near the $45.10 level before the price started trading in a range. It corrected above the $46.00 level and broke the 50% Fib retracement level of the recent decline from the $48.05 high to $45.10 low.
The price even spiked above the $46.50 level, but it seems to be facing hurdles near the $47.00 level and the 55 simple moving average (4-hours). Besides, there is a key contracting triangle forming with resistance near $47.00 on the 4-hours chart of the LTC/USD pair.
The triangle resistance is close to the 61.8% Fib retracement level of the recent decline from the $48.05 high to $45.10 low. If there is an upside break above the $47.00 resistance, there are chances of a strong rise in the coming sessions.
The next major resistance could be near the $50.00 level, above which the bulls are likely to aim a new monthly high above the $52.00 and $52.50 levels.
Conversely, the price might start a fresh decline below the $45.50 and $45.00 support levels. A successful daily close below the $45.00 support may perhaps start a major decline towards the $42.00 and $40.50 levels in the near term.
![Litecoin Price](https://www.livebitcoinnews.com/wp-content/uploads/2020/06/Litecoin-1-1100x522.png)
Looking at the chart, litecoin price is clearly preparing for the next crucial break and technical indicators suggest high chances of an upside break above the $47.00 and $48.00 resistance levels.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly moving into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently above the 50 level.
Key Support Levels – $45.50 and $45.00.
Key Resistance Levels – $47.00 and $50.00.