HomeAltcoin NewsLitecoin (LTC) Price Analysis: Trading Near Crucial Juncture, Can The Bulls Make...

Litecoin (LTC) Price Analysis: Trading Near Crucial Juncture, Can The Bulls Make It?

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  • Litecoin price is struggling to stay above the $42.60 support zone against the US Dollar.
  • LTC price is now trading well below the $44.00 level and the 55 simple moving average (4-hours).
  • There is a crucial bullish trend line forming with support near $43.05 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could either start a fresh increase above $44.00 or it might dive below the $42.60 support.

Litecoin price is showing a few bearish signs below $44.00 against the US Dollar, similar to bitcoin. LTC price is likely preparing for the next major move either above $44.00 or towards $40.00.

Litecoin Price Analysis

In the past few days, there was a steady decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price failed to clear the main $45.50 resistance area and formed a short-term top at $45.54.

It started a fresh decline and traded below the $44.00 support. There was also a break below the $43.25 support and the 55 simple moving average (4-hours). The bears gained traction and the price traded as low as $42.60.

It seems like the price is struggling to stay above the $42.60 support zone. There is also a crucial bullish trend line forming with support near $43.05 on the 4-hours chart of the LTC/USD pair.

An initial resistance is near the $43.30 level or the 23.6% Fib retracement level of the recent decline from the $45.54 high to $42.60 low. The main resistance on the upside is near the $44.00 level and the 55 simple moving average (4-hours).

The 50% Fib retracement level of the recent decline from the $45.54 high to $42.60 low is also near $44.00. If there is a clear break above the $44.00 resistance, the price could aim a retest of the $45.50 resistance area.

Conversely, the price may perhaps dive below the trend line support and the $42.60 support. In the mentioned case, the bears are likely to aim a test of the $40.00 support zone.

Litecoin Price
Litecoin Price

Looking at the chart, litecoin price is clearly trading near a crucial resistance at $42.60. It could either start a fresh increase above $44.00 or it might dive below the $42.60 support.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently rising towards the 50 level.

Key Support Levels – $42.60 and $40.00.

Key Resistance Levels – $44.00 and $45.50.

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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