Litecoin price is correcting gains from the $48 high and is likely to bounce back as long as it is above the $44 support level.
After a strong rise near the $50 level, the price of Litecoin (LTC) started a downside correction. LTC price formed a new 2020 high at $48 level before it started trimming gains.
Litecoin price dropped below the $46 and $45 support levels on the 4-hours chart. The decline opened the doors for more losses below the $45.00 support level. Litecoin price traded close to the key $44 support area. At the time of writing, however, the coin is now trading at the $45 level.
On the upside, the bulls will make another attempt to push the price above $50 resistance. If successful, a rally to $60 and above it to $66 is possible. On the other hand, if there is a strong decline below the $44 support, the 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.
On the 1-hour chart, LTCUSD price is clearly correcting lower below the $46 support level. However, there are several support levels near $44 and $43. Therefore, the price of LTCUSD is likely to bounce back as long as it is above $43.
In the meantime, the MACD line and the signal line are above the zero line which indicates a buy signal.
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.
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