Litecoin (LTC) Price Analysis: Approaching Next Crucial Breakout

Thursday 17 September 2020, 4:47 PM AEST - 6 days ago

Litecoin (LTC) Price

  • Litecoin price is currently consolidating losses above the $45.50 and $46.00 support levels against the US Dollar.
  • LTC price is still facing hurdles near the $50.00 level and the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $49.80 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
  • The pair must break the $50.00 and $51.50 resistance levels to move into a bullish zone.

Litecoin price is currently trading in a range above the $45.00 support against the US Dollar, while bitcoin is rising. LTC price is likely to accelerate higher if it clears $51.50.

Litecoin Price Analysis

In the past few sessions, there were mostly range moves in bitcoin, Ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC price found support near the $45.00 zone and it settled below the 55 simple moving average (4-hours).

Recently, bitcoin price climbed higher above $10,800, but litecoin is struggling to gain momentum. It is facing a strong resistance near the $49.70 and $50.00 levels. The 55 simple moving average (4-hours) is also near the $49.50 to act as a hurdle.

More importantly, there is a major contracting triangle forming with resistance near $49.80 on the 4-hours chart of the LTC/USD pair. The triangle resistance is close to the 23.6% Fib retracement level of the key drop from the $64.35 high to $45.20 swing low.

If there is an upside break above the triangle resistance and $50.00, the price could test the next key resistance near the $51.35 and $51.50 levels. If there are more upsides, the price could rise steadily towards the $55.00 resistance.

The $55.00 barrier might be crucial since it is close to the 50% Fib retracement level of the key drop from the $64.35 high to $45.20 swing low.

Conversely, the price might fail to surpass the $49.80 and $50.00 resistance levels. An ini ...

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