- Litecoin is slowly moving higher from the $63.00 support against the US Dollar.
- LTC price is now trading below $65.50 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $65.00 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $65.00 and $65.50 resistance levels.
Litecoin price is recovering from the $63.00 zone against the US Dollar, like Bitcoin. LTC price could climb again if there is a clear move above $65.50.
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 $68.80 resistance zone and started a fresh decline.
There was a move below the $65.50 and $65.00 support levels. Finally, the bulls protected the key support at $63.00. A low is formed near $63.15 and the price is now attempting a fresh increase. The price started a recovery wave above the $64.00 and $64.20 levels.
It broke the 23.6% Fib retracement level of the downward move from the $68.82 swing high to the $63.15 low. Litecoin is now trading below $65.50 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near the $65.00 level. There is also a key bearish trend line forming with resistance near $65.00 on the 4-hour chart of the LTC/USD pair. The first major resistance is near the $65.50 level or the 50% Fib retracement level of the downward move from the $68.82 swing high to the $63.15 low at $66.00.
A clear move above the $66.00 level could push the price toward the $68.80 zone. The next major resistance sits near the $70 level. Any more gains might send the price toward the $75 level.
On the downside, initial support is near the $64.00 level. The next major support is near the $63.00 level. If there is a downside break below the $63.00 support, the price could accelerate lower toward the $60.00 level in the near term.
Looking at the chart, Litecoin’s price is trading below $65.50 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $65.00 and $65.50 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 below the 50 level.
Key Support Levels – $64.00 and $63.00.
Key Resistance Levels – $65.00 and $65.50.