Litecoin price is trading in a bullish zone above $50 level and could consolidate in the short term before a fresh increase to $60.
Litecoin Price Medium-term Analysis
Yesterday, January 15, the price of Litecoin (LTC) was trading in a bullish trend zone. LTC bulls broke the key $48 and $50 resistance levels to resume an uptrend. Moreover, Litecoin price rose above the $50.00 level and the 55 Simple Moving Average (SMA) on the 4-hours chart. The bulls gained traction and LTC price formed a high near $60 resistance before correcting gains. At the time of writing, however, the coin is now trading at the $55 level.
On the upside, the bulls will make another attempt to push the price above $60 resistance. If successful, a rally to $65 and above it to $70 is possible. On the other hand, if there is a strong decline below the $55 support, the price will find support near the $50 level. Below that level, Litecoin price is likely to move into a bearish zone.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
LTCUSD Price Short-term Analysis
On the 1-hour chart, LTCUSD price is clearly correcting lower below $58. However, there are many key supports on the downside near $52 and $50. As long as there is no close below $50 support, LTCUSD price is likely to rise back towards $58 in the short-term.
In the meantime, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance levels: $60, $65, $70
- Support levels: $55, $50, $45
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.