- Litecoin price found support near $41.50 and it is currently correcting higher against the US Dollar.
- LTC price is likely to face a lot of hurdles on the upside near $44.50 and $45.00.
- There is a major bearish trend line forming with resistance near $45.20 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could struggle to clear the $45.00 resistance, above which it might rally to $48.80.
Litecoin price is showing signs of an upside correction against the US Dollar, similar to bitcoin. LTC price must clear the $45.00 hurdle to start a sustained upward move in the near term.
Litecoin Price Analysis
This past week, there was a fresh decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price traded below the $44.00 support level and settled below the 55 simple moving average (4-hours).
It traded as low as $41.57 and recently formed a decent support base near the $42.00 level. The price is currently correcting higher and trading above $43.00. There was a break above the 23.6% Fib retracement level of the recent decline from the $47.48 high to $41.57 low.
Litecoin price is now trading near the $43.50 resistance and the 55 simple moving average (4-hours). On the upside, there is a strong resistance forming near the $44.50 and $45.00 levels.
There is a major bearish trend line forming with resistance near $45.20 on the 4-hours chart of the LTC/USD pair. The 50% Fib retracement level of the recent decline from the $47.48 high to $41.57 low is also near the $44.53 level to act as a resistance.
To move into a positive zone, the price must clear the $44.50 and $45.00 resistance levels. If the bulls succeed in gaining strength, the price is likely to surge higher towards the $48.00 and $48.80 levels.
Conversely, the price might fail to clear the $45.00 resistance. In the mentioned case, there are chances of a fresh decline towards the $42.00 and $41.50 support levels. The main support is still near the $41.00 and $40.00 levels.
Looking at the chart, litecoin price is clearly approaching a major hurdle near the $45.00 level, above which it could start a strong increase. If not, it might slide back towards the $42.00 level.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly moving into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level and correcting from 60.
Key Support Levels – $41.50 and $40.00.
Key Resistance Levels – $45.00 and $48.00.