- Litecoin started a steady increase above $67.50 against the US Dollar.
- LTC price is now trading above $68 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $67.80 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $71.20 and $72.85 resistance levels.
Litecoin price is recovering from the $67.00 zone against the US Dollar, like Bitcoin. LTC price could climb again if there is a clear move above $71.20.
Litecoin Price Analysis
In the past few sessions, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. However, LTC struggled to clear the $72.85 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 $66.00. A low is formed near $65.59 and the price is now attempting a fresh increase. The price started a recovery wave above the $66.00 and $67.50 levels.
It broke the 50% Fib retracement level of the downward move from the $72.85 swing high to the $65.59 low. Litecoin is now trading below $67.50 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $71.20 level. It is near the 76.4% Fib retracement level of the downward move from the $72.85 swing high to the $65.59 low. The first major resistance is near the $72.85 level. A clear move above the $72.85 level could push the price toward the $75.00 zone.
The next major resistance sits near the $76.50 level. Any more gains might send the price toward the $80 level. On the downside, initial support is near the $68.00 level. The next major support is near the $67.50 level.
There is also a key bullish trend line forming with support near $67.80 on the 4-hour chart of the LTC/USD pair. If there is a downside break below the $67.50 support, the price could accelerate lower toward the $65.00 level in the near term.
Looking at the chart, Litecoin’s price is trading below $67.50 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $71.20 and $72.85 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 – $67.50 and $65.00.
Key Resistance Levels – $71.20 and $72.85.
