Litecoin (LTC) Price Analysis: Uptrend Intact Above $62
Litecoin started a downside correction from the $68.25 zone against the US Dollar.
LTC price is now trading above $62 and the 55 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $64.85 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
The pair could start a fresh increase if it clears the $65.80 resistance.
Litecoin price is correcting gains from $68.25 against the US Dollar, similar to Bitcoin. LTC price could resume its increase if it remains well supported above the $62 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 $57.50 level and started a fresh increase.
There was a clear move above the $60 and $62 resistance levels. The price even climbed above the $65 level and the 55 simple moving average (4 hours). However, the bears were active near the $62.25 zone. The recent high was formed near $68.28 and the price started a downside correction.
There was a move below the $65 level. The price traded below the 23.6% Fib retracement level of the upward move from the $57.64 swing low to the $68.28 high.
Besides, there was a break below a key bullish trend line with support near $64.85 on the 4-hour chart of the LTC/USD pair. It is now trading above $62 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $65.80 level.
The next major resistance sits near the $68.25 level. A clear move above the $68.25 level could pump the price toward the $72 level. Any more gains might call for a test of $75.
Immediate support is near the $63 level or the 50% Fib retracement level of the upward move from the $57.64 swing low to the $68.28 high. The next major support is near the $62 zone. A downside break below the $62 support might start a strong decline.
Looking at the chart, Litecoin price is trading above $62 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $65.80 resistance.
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 – $63 and $62
Key Resistance Levels – $65.80 and $68.25.
The post Litecoin (LTC) Price Analysis: Uptrend Intact Above $62 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ September 21, 2023 4:48 am