- Litecoin started a steady increase above $72 against the US Dollar.
- LTC price is now trading above $73.50 and the 55 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $74.00 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could rise further if it clears the $76.20 and $78.00 resistance levels.
Litecoin price is showing positive signs above $72 against the US Dollar, like Bitcoin. LTC price could climb further if there is a clear move above $76.20.
Litecoin Price Analysis
In the past few sessions, there was a steady increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $70 level and started a fresh increase.
There was a clear move above the $72.00 and $73.50 resistance levels. The pair even cleared the $75 resistance zone. A high was formed near $76.22 and the price is now consolidating gains. The price is holding gains above the 23.6% Fib retracement level of the upward move from the $67.81 swing low to the $76.22 high.
Litecoin is now trading above $72 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $74.00 on the 4-hour chart of the LTC/USD pair.
On the upside, the price is facing resistance near the $76.20 level. The next major resistance sits near the $78.00 level or $78.80. A clear move above the $78.80 level could push the price toward the $84 level. Any more gains might send the price toward the $90 level.
On the downside, initial support is near the $74.00 level. The next major support is near the trend line at $72.00 or the 50% Fib retracement level of the upward move from the $67.81 swing low to the $76.22 high. If there is a downside break below the $72.00 support, the price could accelerate lower toward the $70.00 level in the near term.
Looking at the chart, Litecoin price is clearly trading above $72.50 and the 55 simple moving average (4 hours). Overall, the price could rise further if it clears the $76.20 and $78.00 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 – $74.00 and $72.00
Key Resistance Levels – $76.20 and $78.00.
