- Litecoin price traded to a new monthly high at $60.92 before correcting lower against the US Dollar.
- LTC price is currently trading above the $55.00 support level and the 55 simple moving average (4-hours).
- There was a break below a major ascending channel with support near $56.15 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to continue higher if it stays above the $55.00 support in the near term.
Litecoin price is correcting gains from the $61.00 zone against the US Dollar, similar to bitcoin. LTC price is likely to resume its upward move as long as it stays above $55.00.
Litecoin Price Analysis
In the past two sessions, there was a downside correction in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price gained pace and climbed higher above the $55.00 resistance level.
The price even broke the $58.00 resistance and settled well above the 55 simple moving average (4-hours). It even spiked above the $60.00 resistance and traded to a new monthly high at $60.92. Recently, there was a downside correction below the $58.00 support level.
There was also a break below a major ascending channel with support near $56.15 on the 4-hours chart of the LTC/USD pair. The pair tested the $54.00 support level. It is currently trading above the $55.00 support level and the 55 simple moving average (4-hours).
An initial resistance is near the broken channel support, and the 23.6% Fib retracement level of the recent decline from the $60.92 high to $54.64 low.
The next major resistance is near the $57.80 and $58.00 levels. The 50% Fib retracement level of the recent decline from the $60.92 high to $54.64 low is also near $57.80. Therefore, a close above the $58.00 resistance is needed for a fresh increase in the coming sessions.
The next major hurdle on the upside is near the $60.00 and $61.00 levels. Conversely, the price could fail to climb above $58.00 and resume its decline. An initial support is near the $55.0 level and the 55 simple moving average (4-hours).
The first major support is near the $54.00 level. Any further losses could lead the price towards the main $51.20 and $51.00 support levels.
Looking at the chart, litecoin price is clearly holding the $55.00 support and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if it stays above the $55.00 support in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently just below the 50 level.
Key Support Levels – $55.00 and $54.00.
Key Resistance Levels – $56.50 and $58.00.
