- Litecoin price found support near the $52.00 level and remained well bid against the US Dollar.
- LTC price is currently rising above the $55.00 level and testing the 55 simple moving average (4-hours).
- There is a major declining channel forming with resistance near $57.50 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to accelerate higher if it clears the $58.00 and $60.00 resistance levels in the near term.
Litecoin price is trading in a positive zone above $52.00 against the US Dollar, similar to bitcoin. LTC price is likely to start a fresh rally towards $65.00 as long as it is above $52.50.
Litecoin Price Analysis
In the past few sessions, there was a decent upward move in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price followed a bearish path and traded below the $55.00 support level.
The price even traded below the $52.50 support and settled below the 55 simple moving average (4-hours). However, the bulls were able to protect more losses below $52.00. A swing low is formed near $51.69 and the price is currently rising.
There was a break above the 50% Fib retracement level of the recent decline from the $59.93 high to $51.69 low. It seems like there is a major declining channel forming with resistance near $57.50 on the 4-hours chart of the LTC/USD pair.
The pair is currently struggling to clear the $57.50 resistance area and the 55 simple moving average (4-hours). The 61.8% Fib retracement level of the recent decline from the $59.93 high to $51.69 low is also acting as a resistance.
If litecoin price breaks the channel resistance and climbs above $58.00, there are chances of a steady increase. The next major resistance is near the $60.00 level, above which the price might test the $64.50 and $65.00 resistance levels.
Conversely, the price might decline again below the $54.00 level. The main support is still near $52.00, below which the price might decline heavily.
Looking at the chart, litecoin price is clearly recovering higher and trading nicely above the $52.00 support zone. Therefore, the price is likely to accelerate higher if it clears the $58.00 and $60.00 resistance levels in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well above the 50 level.
Key Support Levels – $54.00 and $52.00.
Key Resistance Levels – $58.50 and $60.00.
