- Litecoin is holding the key support at $65.00 against the US Dollar.
- LTC price is now trading above $68.00 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $70.50 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $70.50 and $72.20 resistance levels.
Litecoin price is recovering from the $65.00 zone against the US Dollar, like Bitcoin. LTC price could climb again if there is a clear move above $72.20.
Litecoin Price Analysis
In the past few days, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. However, LTC struggled to clear the $72.20 resistance zone and started a fresh decline.
There was a move below the $70.00 and $68.00 support levels. Finally, the bulls protected the key support at $67.80. A low is formed near $67.81 and the price is now attempting a fresh increase. The price started a recovery wave above the $68.50 level.
It broke the 50% Fib retracement level of the downward move from the $72.27 swing high to the $67.81 low. Litecoin is now trading above $68.50 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $70.00 level. There is also a key bearish trend line forming with resistance near $70.50 on the 4-hour chart of the LTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $72.27 swing high to the $67.81 low.
The first major resistance is near the $72.20 level. A clear move above the $72.20 level could push the price toward the $75.00 zone. The next major resistance sits near the $76.80 level. Any more gains might send the price toward the $80 level.
On the downside, initial support is near the $68.50 level. The next major support is near the $67.80 level. If there is a downside break below the $67.80 support, the price could accelerate lower toward the $65.00 level in the near term.
Looking at the chart, Litecoin’s price is trading above $68.50 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $70.50 and $72.20 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 – $67.80 and $65.00.
Key Resistance Levels – $70.50 and $72.20.
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