Litecoin price finally found support at $40 a few weeks ago and set on a new rally. With that, the price managed to surpass $45, $50, $55 and peaked at $60. However, it failed to surpass this level and had to back down to $50 by losing the $55 support level. Subsequently, it once again gained support. Currently, Litecoin price is still around $50.
Litecoin Price Action Analysis
Taking a look at the 4-hour chart, we see LTC climbing all the way up to $60 before a pivot downwards. With the correction, Litecoin lost the $55 support and fell down to $50.
Currently, the $50 level is the key support level for LTC. In case of providing good support, the price can once again attempt to surpass $60. For that, the $55 and $60 are key resistance levels for the price. In case of a successful breakthrough, the $65 to $70 and then the $75 to $80 are crucial resistance zones for Litecoin price.
On the other hand, if Litecoin price fails to surpass $55 and loses the $50 support, we could expect deeper correction ahead. In which case, the $45 will be the next support level. Further decline from this level will likely push LTC below $40.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator for LTC is on a downward momentum.
RSI: the 1-hour relative strength index is approximately 40.
Resistance levels: the first support level will be $55. Then the $60 and $65 will be next. Following that, the $70 and $75 will be next.
Support levels: the first support for LTC is around $50. Then the $47 to $45 zone and finally the $40 will be the next down the line.
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