Litecoin (LTC) Price Analysis: Bulls Eye More Gains Above $55

Litecoin formed a base above $40 before starting an upside correction against the US Dollar.
LTC price is now trading above $50 and the 55 simple moving average (4-hours).
There was a break above a major bearish trend line with resistance near $46.20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
The pair could gain bullish momentum if it clears the $55 resistance zone.

Litecoin price is recovering higher from $40 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it clears the $55 resistance.

Litecoin Price Analysis

In the past few days, there was a minor recovery wave in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $40 level and started an upside correction.

There was a steady upward move above the $45 and $46 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $65.40 swing high to $40.30 low. Besides, there was a break above a major bearish trend line with resistance near $46.20 on the 4-hours chart of the LTC/USD pair.

The price is now trading above $50 and the 55 simple moving average (4-hours). LTC is now facing a strong resistance near the $55 level.

The 61.8% Fib retracement level of the downward move from the $65.40 swing high to $40.30 low is also acting as a resistance. The next major resistance is near the $60 level. A clear move above the $55 level could pump the price above the $60 level. The next major resistance sits near the $65 level.

On the downside, an immediate support is near the $52.80 level. The next key support is near the $51.00 level. If there is a downside break below the $51 support, the price could accelerate lower towards the $46.20 level in the near term.

Looking at the chart, litecoin price is clearly trading above $50 and the 55 simple moving average (4-hours). Overall, the price could decline heavily if it fails to clear the $55 resistance zone.