Litecoin Signaling Fresh Increase To $50: Here’s How It Could Refuel Bitcoin

Aayush Jindal

1 year ago

2 mins read

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Litecoin retreated from the $50.00 resistance and found support near $45.00 against the US Dollar.
The price is currently rising and it could surge if it clears the $48.00 resistance.
There is a major bullish trend line forming with support near $46.50 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
Bitcoin price could also continue higher above $9,800 if LTC first clears the $48.00 resistance.

Litecoin price is rising again from the $45.00 support zone against the US Dollar. LTC is likely to first break higher and it might fuel a fresh increase in bitcoin and ETH.

Litecoin Price Could Retest $50

Earlier this week, litecoin price climbed higher above the $45.00 and $48.00 resistance levels against the US Dollar. However, LTC price failed to clear the $50.00 resistance area.

A high was formed near $49.94 before the price started a sharp downside correction. It broke a few important supports near $48.00, but it remained well bid above the 100 simple moving average (4-hours).

A low is formed near $44.58 and the price is currently rising. Litecoin is trading nicely above the $46.50 level. It surpassed the 50% Fib retracement level of the recent decline from the $49.94 high to $44.58 low.

There is also a major bullish trend line forming with support near $46.50 on the 4-hours chart of the LTC/USD pair. The pair is now approaching a major resistance near the $48.00 level (the recent breakdown zone). It coincides with the 61.8% Fib retracement level of the recent decline from the $49.94 high to $44.58 low.

A successful break above the $48.00 resistance could spark a fresh run towards the $50.00 resistance. The next major hurdle for the bulls is near the $52.50 level. In the mentioned case, bitcoin could also gain traction above the $9,740 and $9,800 resistance levels.

Fresh Decrease in LTC

If litecoin fails to continue above the $48.00 resistance, there is a risk of a fresh decline. On the downside, the first major support is near the trend line and $46.50.

The main support is still near the $45.00 level. A daily close below the $45.00 level could initiate a fresh decline towards the $41.50 support.

Technical indicators:

4-hours MACD – The MACD is about to move back into the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently well above the 50 level.

Major Support Levels – $46.50 followed by $45.00.

Major Resistance Levels – $48.00 and $50.00.

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Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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