Litecoin (LTC) Price Analysis: Bulls In Action Above $72
Litecoin started a steady increase above $72 against the US Dollar.
LTC price is now trading above $74.50 and the 55 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance at $70 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
The pair could rise further if it clears the $78.00 and $80.00 resistance levels.
Litecoin price is showing positive signs above $75 against the US Dollar, like Bitcoin. LTC price could climb further if there is a clear move above $78.
Litecoin Price Analysis
In the past few sessions, there was a steady increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC formed a base above the $70 level and started a fresh increase.
There was a clear move above the $72.00 and $73.50 resistance levels. There was a break above a major bearish trend line with resistance at $70 on the 4-hour chart of the LTC/USD pair. The pair even cleared the $76 resistance zone. A high was formed near $78.00 and the price is now consolidating gains.
There was a sharp correction to $70 but the bulls were active. The price is back above the 50% Fib retracement level of the downward move from the $78.00 swing high to the $70.44 low.
Litecoin is now trading above $75 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near the $76.20 level or the 76.4% Fib retracement level of the downward move from the $78.00 swing high to the $70.44 low.
The next major resistance sits near the $78.00 level. A clear move above the $78.00 level could push the price toward the $84 level. Any more gains might send the price toward the $90 level.
On the downside, initial support is near the $75.00 level. The next major support is near the trend line at $72.80. If there is a downside break below the $72.80 support, the price could accelerate lower toward the $70.00 level in the near term.
Looking at the chart, Litecoin price is clearly trading above $74.50 and the 55 simple moving average (4 hours). Overall, the price could rise further if it clears the $78.00 and $80.00 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 – $75.00 and $72.80
Key Resistance Levels – $78.00 and $80.00.
The post Litecoin (LTC) Price Analysis: Bulls In Action Above $72 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ February 29, 2024 3:18 am