- Litecoin price is slowly recovering and trading above the $45.00 resistance zone against the US Dollar.
- LTC price is now trading above $46.20 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $45.85 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair is likely to continue higher if it clears the key $47.30 resistance zone in the near term.
Litecoin price is currently showing positive signs above $45.00 against the US Dollar, similar to bitcoin. LTC price could rally if it clears $47.30 and $48.00.
Litecoin Price Analysis
In the past few sessions, there was a steady rise in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price formed a support base above the $43.00 level and started a decent upward move.
There was a break above the key $45.00 resistance level to start the current recovery wave. Moreover, there was a break above a major bearish trend line with resistance near $45.85 on the 4-hours chart of the LTC/USD pair. The pair is now trading above $46.20 and the 55 simple moving average (4-hours).
A high is formed near $47.14 and the price is facing a major hurdle near $47.30. There was a minor downside correction below $46.00 level. The price dipped below the 23.6% Fib retracement level of the recent wave from the $41.65 low to $47.14 high.
However, the price remained well bid above the $45.00 support and the broken bearish trend line. It also remained above the 50% Fib retracement level of the recent wave from the $41.65 low to $47.14 high.
The price is currently rising and approaching the key $47.30 resistance level. A clear break above the $47.30 and $48.00 levels is must for a sustained upward move. The next key resistance is near $50.00, above which the price could rally towards the $52.00 and $52.50 levels.
Conversely, the price might fail to continue higher above $47.30 or $48.00. An initial support on the downside is near the $45.00 level and the 55 simple moving average (4-hours).
The next major support is near the $44.40 level, below which the bears are likely to aim a test of the key $42.80 support level (a multi-touch zone).
Looking at the chart, litecoin price is clearly recovering and trading above the $45.00 resistance zone. Overall, the price is likely to continue higher if it clears the key $47.30 resistance zone.
4 hours MACD – The MACD for LTC/USD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently above the 50 level.
Key Support Levels – $45.00 and $42.80.
Key Resistance Levels – $47.30 and $48.00.