- Litecoin is gaining pace above the $68.00 resistance against the US Dollar.
- LTC price is now trading above $68.80 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $71.00 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $71.00 and $72.00 resistance levels.
Litecoin price is recovering from the $63.50 zone against the US Dollar, like Bitcoin. LTC price could climb again if there is a clear move above $71.00.
Litecoin Price Analysis
In the past few days, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC struggled to clear the $78.00 resistance zone and started a fresh decline.
There was a move below the $75.00 and $72.00 support levels. Finally, the bulls protected the key support at $60.00. A low was formed near $60.00, and the price is now attempting a fresh increase. The price started a recovery wave above the $65.00 level.
It broke the 50% Fib retracement level of the downward move from the $77.85 swing high to the 60.00 low. Litecoin is now trading above $68.00 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $71.00 level. There is also a key bearish trend line forming with resistance near $71.00 on the 4-hour chart of the LTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $77.85 swing high to the 60.00 low.
The next major resistance is near the $73.50 level. A clear move above the $73.50 level could push the price toward the $78.00 zone. The next major resistance sits near the $82.00 level. Any more gains might send the price toward the $88.00 level.
On the downside, initial support is near the $68.00 level. The next major support is near the $64.20 level. If there is a downside break below the $64.20 support, the price could accelerate lower toward the $60.00 level in the near term.
Looking at the chart, Litecoin’s price is trading above $68.00 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $71.00 and $72.00 resistance levels.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.
Key Support Levels – $68.00 and $64.20.
Key Resistance Levels – $71.00 and $73.50.
