- Litecoin started a strong increase above $55 against the US Dollar.
- LTC price is now trading above $55 and the 55 simple moving average (4-hours).
- There was a break above a major contracting triangle with resistance at $56.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $65 resistance zone.
Litecoin price is rising steadily above $60 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it remains well bid above the $60 level.
Litecoin Price Analysis
In the past few days, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $54 level and started a fresh increase.
There was a clear move above the $58 and $60 resistance levels. The price even climbed above the $62 level and the 55 simple moving average (4-hours). There was also a break above a major contracting triangle with resistance at $56.00 on the 4-hours chart of the LTC/USD pair.
However, the bears were active near the $65 level. A high was formed near $64.77 and the price is now consolidating gains. On the downside, an immediate support is near the $62.40 level. It is near the 23.6% Fib retracement level of the upward move from the $54.67 swing low to $64.77 high.
The next key support is near the $60 level. It is near the 50% Fib retracement level of the upward move from the $54.67 swing low to $64.77 high. If there is a downside break below the $60 support, the price could accelerate lower towards the $58 level in the near term.
On the upside, the price is facing resistance near the $64.50 and $65.00 levels. A clear move above the $65 level could pump the price towards the $70 level. The next major resistance sits near the $75 level.
Litecoin (LTC) Price
Looking at the chart, litecoin price is clearly trading above $55 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $65 resistance zone.
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 – $62 and $62
Key Resistance Levels – $65 and $70.
Source: https://www.livebitcoinnews.com/litecoin-ltc-price-analysis-bulls-in-control-above-60/