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- Litecoin’s price traded to a new monthly high at $ 60.92 before correcting down against the US dollar.
- The price of LTC is currently trading above the support level of $ 55.00 and the simple moving average 55 (4 hours).
- There was a break below a major ascending channel with support near $ 56.15 on the 4-hour chart of the LTC / USD pair (data feed from Coinbase).
- The pair is likely to continue to rise if it stays above the $ 55.00 support in the near term.
Litecoin’s price is correcting gains from the $ 61.00 zone against the US dollar, similar to bitcoin. The price of LTC is likely to resume its upward move as long as it remains above $ 55.00.
Litecoin price analysis
In the past two sessions, there has been a downward correction in bitcoin, Ethereum, ripple and litecoin against the US dollar. Earlier, the LTC price gained pace and broke through the $ 55.00 resistance level.
The price even broke the $ 58.00 resistance and settled well above the 55 (4-hour) simple moving average. It even rose above the $ 60.00 resistance and traded to a new monthly high at $ 60.92. Recently, there has been a bearish correction below the $ 58.00 support level.
There was also a break below an important uptrend channel with support near $ 56.15 on the 4-hour chart of the LTC / USD pair. The pair tested the $ 54.00 support level. It is currently trading above the support level of $ 55.00 and the simple moving average 55 (4 hours).
An initial resistance is near the broken channel support and the 23.6% Fib retracement level of the recent drop from the $ 60.92 high to the $ 54.64 low.
The next big resistance is near the $ 57.80 and $ 58.00 levels. The 50% Fib retracement level of the recent drop from the high of $ 60.92 to the low of $ 54.64 is also close to $ 57.80. Therefore, a close above the $ 58.00 resistance is needed for a new rise in the coming sessions.
The next big hurdle on the upside is near the $ 60.00 and $ 61.00 levels. Conversely, the price may not exceed $ 58.00 and resume its decline. Initial support is near the $ 55.0 level and the simple moving average 55 (4 hours).
The first major support is near the $ 54.00 level. Any further losses could drive the price towards the major support levels of $ 51.20 and $ 51.00.
Litecoin price
Looking at the chart, the litecoin price clearly holds the support of $ 55.00 and the simple moving average 55 (4 hours). Overall, the price is likely to continue to rise if it stays above the $ 55.00 support in the near term.
Technical indicators
4-Hour MACD – The MACD for LTC / USD is currently losing momentum in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for LTC / USD is currently just below the 50 level.
Key Support Levels: $ 55.00 and $ 54.00.
Key resistance levels: $ 56.50 and $ 58.00.
