- Litecoin price started a strong upward move above the $48.50 and $50.00 resistance levels against the US Dollar.
- LTC price is currently trading above the $54.00 support level and the 55 simple moving average (4-hours).
- There was a break above a major contracting triangle with resistance near $48.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to continue higher above $55.50 and $56.50 in the near term.
Litecoin price is trading in a strong uptrend above $50.00 against the US Dollar, similar to bitcoin. LTC price is likely to continue higher as long as it is above $52.00 and $50.00.
Litecoin Price Analysis
In the past few sessions, there was a strong rally in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price formed a support base above the $45.50 and $47.50 levels.
To start the current rally, there was a break above a major contracting triangle with resistance near $48.00 on the 4-hours chart of the LTC/USD pair. The pair gained pace above the $50.00 resistance and it settled well above the 55 simple moving average (4-hours).
There was also a break above the 76.4% Fib retracement level of the key decline from the $51.58 high to $45.67 low. It opened the doors for more gains above the $51.58 high and the $52.50 resistance.
The price even spiked above the $55.00 resistance. It is now testing the 1.618 Fib extension level of the key decline from the $51.58 high to $45.67 low. If there are more gains, the price is likely to test the $56.50 resistance. The next major resistance is near the $58.00 level, above which the price might revisit the $60.00 resistance.
If there is a downside correction, the $54.00 level is an initial support. The first major support is near the $53.00 level. Any further losses could lead the price towards the main $51.20 and $51.00 support levels.
Looking at the chart, litecoin price is clearly trading in a strong uptrend above $52.00 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above $55.50 and $56.50 in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is currently gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently well above 70 and it is in the overbought zone.
Key Support Levels – $54.00 and $51.20.
Key Resistance Levels – $56.50 and $58.00.
