Litecoin (LTC) Price Analysis: Bulls Eyeing Fresh Rally To $60November 5, 2020
Litecoin price is showing positive signs above $54.00 against the US Dollar, and bitcoin rallied above $14k. LTC price is likely to surge towards $60.00 once it clears the $56.00 resistance.
Litecoin Price Analysis
After a steady decline, bitcoin, Ethereum, ripple, and litecoin regained strength against the US Dollar. Earlier, LTC price declined below the $55.00 support level, but the bulls were able to protect $51.00 and $50.00.
A low was formed near $51.19 before the price started a fresh increase. There was a break above the $53.50 and $54.00 resistance levels. The price also climbed above the 23.6% Fib retracement level of the downward move from the $60.98 high to $51.19 low.
More importantly, there was a break above a major bearish trend line with resistance near $54.70 on the 4-hours chart of the LTC/USD pair. The price is now trading above the $54.00 level and the 55 simple moving average (4-hours).
It is facing a strong resistance near the $56.00 level. The stated resistance is close to the 50% Fib retracement level of the downward move from the $60.98 high to $51.19 low.
A clear break above the $56.00 resistance level could open the doors for a sharp increase. The next key resistance is near the $58.00 level, above which the price may even surge towards the $60.00 resistance. Any further gains could lead the price above $61.00 and $62.00.
Conversely, the price might start a fresh decline from the $56.00 resistance. An initial support is seen near the $54.00 level and the 55 simple moving average (4-hours). The first major support is near the $51.20 level. Any further losses could lead the price towards the main $50.00 support.
Looking at the chart, litecoin price is clearly showing positive signs above $52.00 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if it clears the $56.00 resistance level in the near term.
4 hours MACD – The MACD for LTC/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now well above the 50 level.
Key Support Levels – $54.00 and $51.20.
Key Resistance Levels – $56.00 and $60.00.
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