- Litecoin price traded above the $48.00 and $50.00 resistance levels against the US Dollar.
- LTC price is currently trading above the $48.50 support level and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $48.60 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to resume its upward move unless it breaks the $48.50 support zone in the near term.
Litecoin price is showing positive signs above $48.00 against the US Dollar, similar to bitcoin. LTC price resume its rise above the $50.00 and $51.50 resistance levels.
Litecoin Price Analysis
In the past few sessions, there was a minor decline in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price gained pace above the main $48.50 resistance level to move into a positive zone.
The bulls remained active, resulting in a push above the $50.00 level and the 55 simple moving average (4-hours). The price traded to a new monthly high at $51.53 before it started a downside correction.
There was a break below the $50.50 and $50.00 levels. The price even declined below the 23.6% Fib retracement level of the upward move from the $45.09 low to $51.53 high. However, there are many important supports on the downside, starting with $48.80.
There is also a major bullish trend line forming with support near $48.60 on the 4-hours chart of the LTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $45.09 low to $51.53 high.
Moreover, the 55 simple moving average (4-hours) is also near the trend line and $48.50. If there is a clear break below the trend line support and the $48.50 level, there is a risk of a larger downside correction. The next major support is near the $47.50, below which the price could revisit $45.50.
On the upside, the price is facing a minor hurdle near the $50.00 level. The first major resistance is near the $51.50 level. A clear break above the $51.50 resistance could open the doors for more upsides.
Looking at the chart, litecoin price is clearly trading nicely above the $48.50 support level and the 55 simple moving average (4-hours). Overall, the price is likely to resume its upward move unless it breaks the $48.50 support zone in the near term.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently just above the 50 level.
Key Support Levels – $48.50 and $47.50.
Key Resistance Levels – $50.00 and $51.50.