• Litecoin price remained in a positive zone and recently tested $62.40 against the US Dollar.
• LTC price corrected lower and it is now trading above the $58.00 support area.
• There is a major bullish trend line forming with support near $57.85 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
• The pair is likely to continue higher above the $61.00 and $62.40 resistance levels in the near term.

Litecoin price is showing a lot of positive signs above $58.00 against the US Dollar, similar to bitcoin. LTC price remains in uptrend and the bulls are likely eyeing a break to $65.00.

Litecoin Price Analysis

In the past few days, there were decent gains in bitcoin, Ethereum, ripple and litecoin against the US Dollar. LTC price gained pace and surpassed the $58.00 and $60.00 resistance levels.

It even spiked above the $62.00 level and traded as high as $62.43 before correcting lower. There was a break below the $60.00 level, plus the 23.6% Fib retracement level of the upward move from the $50.67 low to $62.43 high.

However, there is a strong support base forming near the $58.50 and $58.00 levels. The bulls protected the recent decline from the $62.43 high near the $58.00 area. More importantly, there is a major bullish trend line forming with support near $57.85 on the 4-hours chart of the LTC/USD pair.

Besides, the 50% Fib retracement level of the upward move from the $50.67 low to $62.43 high is likely to act as a strong support along with the 55 simple moving average (4-hours).

If there is a downside break below the $58.00 and $56.55 support levels, litecoin price might continue to move down towards the $52.00 support level in the near term.

On the upside, there is a major hurdle near the $62.00 and $62.40 levels. If the price surpasses the $62.43 swing high, there are chances of a fresh rally in the coming sessions.

In the mentioned case, the price may perhaps test the $65.00 level. Any further gains could lead the price towards the key $68.50 resistance area, where the bears might emerge.

Litecoin Price

Looking at the chart, litecoin price is clearly trading nicely above the $58.50 and $58.00 support levels. As long as there is no close below $58.00 and the 55 SAM, the price is likely to continue higher.

Technical indicators

4 hours MACD – The MACD for LTC/USD is about to move into the bullish zone.

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

Key Support Levels – $58.00 and $56.55.

Key Resistance Levels – $61.00 and $62.40.

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