HomeAltcoin NewsLitecoin (LTC) Price Analysis: Trading Near Make-or-Break Levels

Litecoin (LTC) Price Analysis: Trading Near Make-or-Break Levels

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  • Litecoin price is recovering nicely and trading above $45.50 against the US Dollar.
  • LTC price is currently trading near a major resistance area at $48.80 and $49.20.
  • There is a significant bearish trend line forming with resistance near $48.60 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to surge higher once it clears the $49.20 and $50.00 resistance levels.

Litecoin price is attempting a crucial upside break against the US Dollar and bitcoin. LTC price could either rally above $50.00 or it might revisit the $42.60 support.

Litecoin Price Analysis

After a strong decline, there was a steady recovery in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price formed a support base near the $42.50 and $42.60 levels, and recently started upward move.

There was a break above the $44.20 and $45.00 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $56.24 high to $42.19 low.

The price also climbed above the $46.00 level, but the price seems to be facing a strong hurdle near the $48.60 level. More importantly, there is a significant bearish trend line forming with resistance near $48.60 on the 4-hours chart of the LTC/USD pair.

Besides, litecoin price is also facing hurdles near the 50% Fib retracement level of the downward move from the $56.24 high to $42.19 low. Finally, the 55 simple moving average (4-hours) is near the $50.00 level.

Therefore, the price must rise above the $48.60 and $50.00 resistance levels to continue higher. The next key resistance is near the $54.15 level. An intermediate resistance is near $52.90 or the 76.4% Fib retracement level of the downward move from the $56.24 high to $42.19 low.

On the downside, an initial support is near the $47.00 and $46.80 levels. If there is a downside break below the $45.50 level, the price is likely to resume its decline.

The main support is near the $42.60 area, below which there is a risk of a sharp decline below the $40.50 and $40.00 support levels in the near term.

Litecoin Price
Litecoin Price

Looking at the chart, litecoin price is clearly approaching a significant resistance near the $48.60 area and the $50.00 handle. Therefore, the price could either rally above $50.00 or it might revisit the $42.60 support in the coming days.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well above the 50 level, with a flat structure.

Key Support Levels – $45.50 and $42.60.

Key Resistance Levels – $48.60 and $50.00.

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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