- Litecoin is slowly moving higher from the $57.50 support against the US Dollar.
- LTC price is now trading above $60 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $60.80 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $64.20 and $65.80 resistance levels.
Litecoin price is recovering from the $57.50 zone against the US Dollar, similar to Bitcoin. LTC price could climb again if there is a clear move above $65.80.
Litecoin Price Analysis
In the past few sessions, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $57.00 level.
The price started a recovery wave above the $58.50 and $60.00 levels. It broke the 23.6% Fib retracement level of the downward move from the $70.68 swing high to the $57.64 low. There was a break above a key bearish trend line with resistance near $60.80 on the 4-hour chart of the LTC/USD pair.
Litecoin is now trading above $60 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $64.20 level. It is close to the 50% Fib retracement level of the downward move from the $70.68 swing high to the $57.64 low.
The first major resistance is near the $65.80 level. A clear move above the $65.80 level could push the price toward the $68 zone. The next major resistance sits near the $70 level. Any more gains might send the price toward the $75 level.
On the downside, initial support is near the $60.20 level. The next major support is near the $57.50 level. If there is a downside break below the $57.50 support, the price could accelerate lower toward the $53.20 level in the near term.
Looking at the chart, Litecoin’s price is trading above $60 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $64.20 and $65.80 resistance levels.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.
Key Support Levels – $60.20 and $57.50.
Key Resistance Levels – $64.20 and $65.80.
