[ad_1]
- Litecoin’s price started a strong upward move above the $ 48.50 and $ 50.00 resistance levels against the US dollar.
- The LTC price is currently trading above the support level of $ 54.00 and the 55 simple moving average (4 hours).
- A breakout has occurred above a major contracting triangle with resistance near $ 48.00 on the 4-hour chart of the LTC / USD pair (data feed from Coinbase).
- The pair is likely to continue rising 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. The LTC price is likely to continue to rise as long as it is above $ 52.00 and $ 50.00.
Litecoin price analysis
In recent sessions, there has been a strong rally of bitcoin, Ethereum, ripple and litecoin against the US dollar. Previously, LTC’s price formed a support base above the $ 45.50 and $ 47.50 levels.
To begin the current rally, there was a break above a major contracting triangle with resistance near $ 48.00 on the 4-hour chart of the LTC / USD pair. The pair gained pace above the $ 50.00 resistance and traded well above the 55 (4-hour) simple moving average.
There was also a break above the 76.4% Fib retracement level of the key drop from the $ 51.58 high to the $ 45.67 low. It opened the door for further gains above the high of $ 51.58 and the resistance of $ 52.50.
The price even climbed above the $ 55.00 resistance. It is now testing the 1.618 Fib extension level of the key drop from the high of $ 51.58 to the low of $ 45.67. 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 could revisit the $ 60.00 resistance.
If there is a downward correction, the $ 54.00 level is initial support. The first major support is near the $ 53.00 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 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 to rise above $ 55.50 and $ 56.50 in the near term.
Technical indicators
4-Hour MACD – The MACD for LTC / USD is currently gaining pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LTC / USD is currently well above 70 and is in the overbought zone.
Key Support Levels: $ 54.00 and $ 51.20.
Key resistance levels: $ 56.50 and $ 58.00.
