HomeAltcoin NewsLitecoin (LTC) Price Positioned For Next Bullish Break

Litecoin (LTC) Price Positioned For Next Bullish Break

Date:

Related stories

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...

Solana (SOL) Price Analysis: Dips Attractive Near $135

Solana price started a downside correction from the...
spot_imgspot_img
  • Litecoin price declined sharply after trading as high as $53.50 against the US Dollar.
  • LTC price tested the $42.50 support and it is currently moving higher towards $50.00.
  • There is a major bullish trend line in place with support at $44.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair is likely to break the $47.00 resistance to set the pace for a fresh rally above $50.00.

Litecoin price formed a strong support near $42.50 against the US Dollar. LTC is positioned nicely above $44.00 and it could soon break the $48.00 and $50.00 resistance levels.

Litecoin Price Analysis

Recently, there was a strong upward move in litecoin price above the $48.00 and $50.00 resistances against the US Dollar. The LTC/USD pair even broke the $52.00 level and traded towards the $53.50 level. Later, all major cryptos such as bitcoin, ripple, Ethereum, and bitcoin cash declined heavily. Litecoin also followed a similar pattern and declined heavily below the $50.00 support. It broke the $48.00 and $45.00 support levels to enter a bearish zone. There was even a close below the $48.00 level and the 55 simple moving average (4-hours).

However, the $42.50 support level acted as a crucial barrier for sellers. The price started consolidating above $42.50 and formed a support base. It corrected above the $45.00 level and the 23.6% Fib retracement level of the last decline from the $53.50 high to $42.53 low. At the outset, the price is facing a significant resistance near the $46.80 and $47.00 levels. Besides, the 55 simple moving average (4-hours) is also positioned near the $47.00 level.

The next key resistance is near the $48.00 level. It represents the 50% Fib retracement level of the last decline from the $53.50 high to $42.53 low. The current price action is positive and it seems like buyers could make an attempt to pierce the $47.00 and $48.00 resistance levels. If they succeed, the price could even break the $50.00 barrier and rally towards the $53.50 swing high.

Litecoin Price Analysis LTC Chart

Looking at the chart, litecoin price is clearly trading with a positive angle above $44.00. Once there is a clear break above $48.00, the price could start a fresh upward move. On the downside, there is a major bullish trend line in place with support at $44.00 on the same chart. Below $44.00, the price may retest the $42.50 support.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now placed nicely above the 50 level, with a bullish angle.

Key Support Levels – $44.00 and $42.50.

Key Resistance Levels – $47.00 and $48.00.

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img