- Litecoin started a strong increase above $75 against the US Dollar.
- LTC price is now trading below $80 and the 55 simple moving average (4-hours).
- There is a crucial bullish trend line forming with support near $74.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair remains supported for more gains unless there is a clear move below $70.
Litecoin price is rising steadily above $72 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it remains well supported above the $70 level.
Litecoin Price Analysis
In the past few sessions, there was a downside correction 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 and $75 resistance levels. The price even climbed above the $80 level and the 55 simple moving average (4-hours). However, the bears were active near the $85 zone. A high was formed near $84.97 and the price started a downside correction.
There was a move below the $78 level. The price declined below the 50% Fib retracement level of the upward move from the $70.50 swing low to $84.97 high.
The price is now trading below $80 and the 55 simple moving average (4-hours). The 61.8% Fib retracement level of the upward move from the $70.50 swing low to $84.97 high is acting as a support. There is also a crucial bullish trend line forming with support near $74.00 on the 4-hours chart of the LTC/USD pair.
If there is a downside break below the $74 support, the price could accelerate lower towards the $70 level in the near term.
On the upside, the price is facing resistance near the $78 and $80 levels. A clear move above the $80 level could pump the price towards the $85 level. The next major resistance sits near the $100 level.
Looking at the chart, litecoin price is clearly trading below $80 and the 55 simple moving average (4-hours). Overall, the price remains supported for more gains unless there is a clear move below $70.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $74 and $70
Key Resistance Levels – $80 and $85.
