- Litecoin started a steady increase above $65 against the US Dollar.
- LTC price is now trading above $66 and the 55 simple moving average (4 hours).
- There is a key contracting triangle forming with resistance near $69.75 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could rise further if it clears the $70.80 and $72.00 resistance levels.
Litecoin price is showing positive signs above $68 against the US Dollar, similar to Bitcoin. LTC price could climb further if there is a clear move above $72.
Litecoin Price Analysis
In the past few sessions, there were mostly positive moves in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $60 level and started a fresh increase.
There was a clear move above the $65 and $68 resistance levels. The pair even cleared the $70 resistance zone. A high was formed near $72.85 before there was a minor downside correction. The price declined below the 23.6% Fib retracement level of the upward move from the $59.73 swing low to the $72.85 high.
Litecoin is now trading above $66 and the 55 simple moving average (4 hours). There is also a key contracting triangle forming with resistance near $69.75 on the 4-hour chart of the LTC/USD pair.
On the upside, the price is facing resistance near the $69.75 level. The next major resistance sits near the $72 level. A clear move above the $72 level could push the price toward the $75 level. Any more gains might send the price toward the $80 level.
On the downside, initial support is near the $67.80 level. The next major support is near the 50% Fib retracement level of the upward move from the $59.73 swing low to the $72.85 high at $66.20.
If there is a downside break below the $66.20 support, the price could accelerate lower toward the $64.20 level in the near term.
Looking at the chart, Litecoin price is clearly trading above $66 and the 55 simple moving average (4 hours). Overall, the price could rise further if it clears the $70.80 and $72.00 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 $66.20
Key Resistance Levels – $70.80 and $72.00.