Litecoin (LTC) Price Analysis: Can Bulls Push Price Above This Resistance?

• Litecoin is holding the key support at $70.00 against the US Dollar.
• LTC price is now trading below $75.00 and the 55 simple moving average (4 hours).
• There is a key bearish trend line forming with resistance near $74.50 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
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• The pair could gain bullish momentum if it clears the $74.50 and $75.00 resistance levels.

Litecoin price is recovering from the $70.00 zone against the US Dollar, like Bitcoin. LTC price could climb again if there is a clear move above $75.00.

Litecoin Price Analysis

In the past few days, there was a decent increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. However, LTC struggled to clear the $80.00 resistance zone and started a fresh decline.

There was a move below the $76.00 and $75.00 support levels. Finally, the bulls protected the key support at $70.00. A low is formed near $70.11 and the price is now attempting a fresh increase. The price started a recovery wave above the $72.20 level.

It broke the 23.6% Fib retracement level of the downward move from the $79.54 swing high to the $70.11 low. Litecoin is now trading below $75.00 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $75.00 level. There is also a key bearish trend line forming with resistance near $74.50 on the 4-hour chart of the LTC/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $79.54 swing high to the $70.11 low.

The next major resistance is near the $76.00 level. A clear move above the $76.00 level could push the price toward the $80.00 zone. The next major resistance sits near the $85.00 level. Any more gains might send the price toward the $88.00 level.

On the downside, initial support is near the $72.20 level. The next major support is near the $70.00 level. If there is a downside break below the $70.00 support, the price could accelerate lower toward the $65.00 level in the near term.

Looking at the chart, Litecoin’s price is trading below $75.00 and the 55 simple moving average (4 hours). Overall, the price could gain bullish momentum if it clears the $74.50 and $75.00 resistance levels.

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 – $72.50 and $70.00.

Key Resistance Levels – $74.50 and $75.00.

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