- Litecoin is slowly moving higher from the $60 support against the US Dollar.
- LTC price is now trading above $65 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $68.00 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $68 and $70 resistance levels.
Litecoin price is recovering from the $60 zone against the US Dollar, similar to Bitcoin. LTC price could climb again if there is a clear move above $70.
Litecoin Price Analysis
In the past few sessions, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $60 level.
The price started a recovery wave above the $62 and $64 levels. It broke the 23.6% Fib retracement level of the downward move from the $85.40 swing high to the $60.75 low. Litecoin is now trading below $65 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $68 level. There is also a key bearish trend line forming with resistance near $68 on the 4-hour chart of the LTC/USD pair.
The first major resistance is near the $70 level. A clear move above the $70 level could push the price toward the $73 zone or the 50% Fib retracement level of the downward move from the $85.40 swing high to the $60.75 low.
The next major resistance sits near the $76 level. Any more gains might send the price toward the $85 level. On the downside, initial support is near the $66.50 level. The next major support is near the $65.50 level or the 55 simple moving average (4 hours).
If there is a downside break below the $65.50 support, the price could accelerate lower toward the $62 level in the near term.
Looking at the chart, Litecoin’s price is trading above $65 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $68 and $70 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 – $66.50 and $62.00.
Key Resistance Levels – $68.00 and $70.00.
