Litecoin (LTC) Price Analysis: Bulls Eyeing Upside Break Above $50 | Live Bitcoin News
Litecoin price is gaining bullish momentum and trading above key supports against the US Dollar and bitcoin. LTC price must clear the $50.00 hurdle to continue higher in the near term.
Litecoin Price Analysis
This week, there was a fresh increase in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price traded above the $47.80 and $48.00 resistance levels to move into a positive zone.
It traded close to the $50.00 resistance and settled well above the 55 simple moving average (4-hours). A high is formed near the $49.89 level and the price recently corrected lower. It broke the $47.80 support zone, but dips remained well supported.
It tested the $45.50 support area and traded as low as $44.52. The bulls are currently in action and the price is back above the $47.00 level. There was a break above the 50% Fib retracement level of the recent drop from the $49.89 high to $44.52 low.
There are two key bullish trend lines forming with support near $46.40 on the 4-hours chart of the LTC/USD pair. The pair is currently facing a major hurdle near the $47.80 and $48.00 levels.
If there is a clear close above $47.80, the price is likely to continue higher. In the mentioned case, the bulls are likely to aim a test of the $50.00 level. Any further gains could the price towards the $52.00 and $52.50 resistance levels.
Conversely, the price might dip again from $48.00. The trend line support is very important near the $46.40 zone. If the bulls fail to protect the trend line support, the price could revisit the $45.50 support zone.
Looking at the chart, litecoin price is clearly gaining pace and it is trading nicely above the $45.50 support. Therefore, there are high chances of more upsides above the $48.00 and $50.00 resistance levels.
4 hours MACD – The MACD for LTC/USD is now moving into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is well above the 55 level and testing 60.
Key Support Levels – $46.40 and $45.50.
Key Resistance Levels – $48.00 and $50.00.
Source: Read Full Article