Litecoin (LTC) Price Analysis: Key Support Nearby At $55

Litecoin price is rising above $55 against the US Dollar, similar to bitcoin. LTC price could continue to move up if it remains well bid above the $54 level.

Litecoin Price Analysis

In the past few days, there was a fresh increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $46 level and started a fresh increase.

There was a clear move above the $50 resistance and the 55 simple moving average (4-hours). It moved above the $52 and $55 resistance levels. The bulls even pumped the price towards the $60 level. A high was formed near $61.80 and the price is now correcting lower.

There was a move below the $58 support zone. The price dipped below the 23.6% Fib retracement level of the upward move from the $46.31 swing low to $61.80 high.

On the downside, an immediate support is near the $55.80 level. There is also a key bullish trend line forming with support near $55 on the 4-hours chart of the LTC/USD pair. The next key support is near the $54.00 level. It is near the 50% Fib retracement level of the upward move from the $46.31 swing low to $61.80 high.

If there is a downside break below the $54 support, the price could accelerate lower towards the $50 level in the near term. On the upside, the price is facing resistance near the $57.00 and $58.00 levels.

A clear move above the $58 level could pump the price towards the $60 level. The next major resistance sits near the $62 level.

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $54 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it remains stable above the $54 support zone.

Technical indicators

4 hours MACD – The MACD for LTC/USD is now losing 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 – $55 and $54

Key Resistance Levels – $58 and $60.

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