- Litecoin price remained in an uptrend and traded above the $60.00 resistance area against the US Dollar.
- LTC price corrected lower, but it found support near the $57.00 area.
- There is a key bullish trend line formed with support at $57.40 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is currently consolidating above supports and it may climb towards the $65.00 resistance area.
Litecoin price is placed nicely above key supports against the US Dollar and bitcoin. LTC could trade in a range before a fresh upward move above $62.00 and $64.00.
Litecoin Price Analysis
In the past few days, there was a steady rise in litecoin price from the $52.00 swing low against the US Dollar. The LTC/USD pair traded above the $55.00 and $58.00 resistance levels to move into a positive zone. The recent upward move was strong as the price even broke the $60.00 barrier. A new monthly high was formed at $62.28 and the price settled well above the 55 simple moving average (4-hours). Recently, there was a downside correction in bitcoin, Ethereum, ripple, Litecoin, EOS, ADA, TRX and other cryptocurrencies.
LTC price corrected lower and traded below the $60.00 support. There was a break below the 23.6% Fib retracement level of the last wave from the $52.37 low to $62.28 high. However, the decline was protected near the $57.00 level and the 55 simple moving average (4-hours). Moreover, the 50% Fib retracement level of the last wave from the $52.37 low to $62.28 high acted as a support. Besides, there is a key bullish trend line formed with support at $57.40 on the 4-hours chart of the LTC/USD pair.
The price recovered and moved above the $58.00 and $59.00 levels. However, it seems like the price is struggling to gain momentum above the $60.00 level. The current price action suggests that there could be range moves above $57.00 before a fresh upward move. A successful break above $60.00 and $62.00 may perhaps open the doors for more gains.
Looking at the chart, litecoin price is clearly placed nicely in a positive zone above the $57.00 level. If there is a downside break, the next key support is near the $55.00 level. On the upside, buyers seem to be targeting a break above the $62.00 resistance level. The next main resistance is near the $65.00 level, where sellers may emerge.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly reducing its bullish slope, but with no major bearish sign.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is still placed well above the 50 level.
Key Support Levels – $57.00 and $55.00.
Key Resistance Levels – $60.00 and $62.00.
