Litecoin price is gaining bullish momentum above key hurdles against the US Dollar, similar to bitcoin. LTC price is likely to continue higher above the $52.00 level in the near term.
Litecoin Price Analysis
In the past few sessions, there was a strong increase in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. LTC price formed a strong support base above the $40.00 level and recently surged above the $45.50 resistance.
The bulls gained strength above $46.50 and the price settled well above the 55 simple moving average (4-hours). The upward move was such that the price climbed above the $50.00 hurdle.
A new monthly high is formed near $50.95 and the price is currently consolidating gains. An initial support on the downside is near the $49.20 and $49.00 levels. The 23.6% Fib retracement level of the recent rally from the $43.24 low to $50.95 high is also near the $49.13 level to provide support.
If there are more downsides, the price could decline towards the $48.00 and $47.10 support levels. Moreover, there is a key bullish trend line forming with support near $46.20 on the 4-hours chart of the LTC/USD pair.
The trend line is close to the 50% Fib retracement level of the recent rally from the $43.24 low to $50.95 high. Therefore, litecoin price remains well supported on the downside near $49.00 and $48.00.
On the upside, the $50.50 and $51.00 levels are initial hurdles, followed by $52.00. If the price climbs above the $52.00 resistance, there are high chances of a run towards the $55.00 barrier in the near term. Any further gains could lead the price towards $58.00.
Litecoin Price
Looking at the chart, litecoin price is clearly trading in a strong uptrend above $49.00 and $48.00. It is likely to continue higher above $50.00 and $52.00 unless the bulls fail to defend the $47.10 support.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now correcting lower from the 80 level.
Key Support Levels – $49.00 and $47.10.
Key Resistance Levels – $52.00 and $55.00.
