- Litecoin remains in positive territory above $58 against the US Dollar.
- LTC price is now trading below $62 and 55 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $60 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $62 resistance area.
Litecoin price is consolidating above $60 against the US Dollar, similar to Bitcoin. LTC price could continue to rise if bid remains above $58.
Litecoin Price Analysis
In the past few days, there has been a good increase in Bitcoin, Ethereum, Ripple and Litecoin against the US Dollar. Earlier, LTC formed a base above the $58 level and started a new increase.
There was a clear move above the $60 and $62 resistance levels. The price even rose above the $64 level and the 55 SMA (4-hours). However, the bears have been active near the $66 level. A top formed near $65.79 before there was a downside correction.
The price fell below the $64 level and the 55 simple moving average (4-hours). It even traded below the 50% Fib retracement level of the upward move from the $57.59 swing low to the $65.79 high.
However, the bulls have been active near the $60 level. There is also a major bullish trend line forming with support near $60 on the 4-hour chart of the LTC/USD pair. The trend line is near the 76.4% Fib retracement level of the upward move from the $57.59 low-swing to the $65.79 high.
On the upside, the price is facing resistance near the $61.80 and $62.00 levels. A clear move above the $62 level could push the price towards the $65 level. The next major resistance is near the $70 level.
On the downside, immediate support is near the $60 level. The next major support is near the $58 level. If there is a downside breakout below the $58 support, the price may accelerate lower towards the $54.70 level in the near term.
look at me ScheduleLitecoin price is clearly trading below $62 and 55 simple moving average (4 hours). Overall, the price may gain upward momentum if it clears the $62 resistance area.
4-hour MACD Indicator – MACD for LTC/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $60 and $58
Key resistance levels – $62 and $65.
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