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Litecoin (LTC) Price Analysis: Bulls Aim More Gains Above $58

Analytics

www.livebitcoinnews.com 27 October 2022 07:58, UTC
  
Reading time: ~2 m

  • Litecoin is still in a positive zone above $55 against the US Dollar.
  • LTC price is now trading above $55 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance at $51.50 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair could gain bullish momentum if it clears the $58 resistance zone.

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

Litecoin Price Analysis

In the past few days, there was a decent increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC formed a base above the $50 level and started a fresh increase.

There was a clear move above the $52 and $54 resistance levels. The price even climbed above the $55 level and the 55 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance at $51.50 on the 4-hours chart of the LTC/USD pair.

However, the bears were active near the $58 level. A high was formed near $57.63 and the price is now consolidating gains. On the downside, an immediate support is near the $55.80 level. It is near the 23.6% Fib retracement level of the upward move from the $49.55 swing low to $57.63 high.

The next key support is near the $55 level. If there is a downside break below the $55 support, the price could accelerate lower towards the $53.80 level in the near term. It is near the 50% Fib retracement level of the upward move from the $49.55 swing low to $57.63 high.

On the upside, the price is facing resistance near the $57.60 and $58.00 levels. A clear move above the $58 level could pump the price towards the $62 level. The next major resistance sits near the $65 level.

Litecoin (LTC) Price

Looking at the chart, litecoin price is clearly trading above $55 and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $58 resistance zone.

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 – $55.80 and $53.80

Key Resistance Levels – $58 and $65.


   Source
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