Litecoin (LTC) Price Analysis: Uptrend Intact Above $62

• Litecoin started a downside correction from the $68.25 zone against the US Dollar.
• LTC price is now trading above $62 and the 55 simple moving average (4 hours).
• There was a break below a key bullish trend line with support near $64.85 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
• The pair could start a fresh increase if it clears the $65.80 resistance.

Litecoin price is correcting gains from $68.25 against the US Dollar, similar to Bitcoin. LTC price could resume its increase if it remains well supported above the $62 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 $57.50 level and started a fresh increase.

There was a clear move above the $60 and $62 resistance levels. The price even climbed above the $65 level and the 55 simple moving average (4 hours). However, the bears were active near the $62.25 zone. The recent high was formed near $68.28 and the price started a downside correction.

There was a move below the $65 level. The price traded below the 23.6% Fib retracement level of the upward move from the $57.64 swing low to the $68.28 high.

Besides, there was a break below a key bullish trend line with support near $64.85 on the 4-hour chart of the LTC/USD pair. It is now trading above $62 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $65.80 level.

The next major resistance sits near the $68.25 level. A clear move above the $68.25 level could pump the price toward the $72 level. Any more gains might call for a test of $75.

Immediate support is near the $63 level or the 50% Fib retracement level of the upward move from the $57.64 swing low to the $68.28 high. The next major support is near the $62 zone. A downside break below the $62 support might start a strong decline.

Looking at the chart, Litecoin price is trading above $62 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $65.80 resistance.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now losing pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.

Key Support Levels – $63 and $62

Key Resistance Levels – $65.80 and $68.25.